USE currency futures volume tops Rs2,000-crore in first hour of trading
20 Sep 2010
Bombay Stock Exchange-operated United Stock Exchange of India (USE) opened currency options trading on Monday with the volume crossing Rs2,000-crore in the first hour itself.
"We are witnessing good volumes and it has already crossed Rs2,000 crore in the first hour of trading," USE director Gaurav Arora said after the launch.
USE, the third bourse after NSE and MCX to start currency trading in the country, began operations in all four currency pairs currently allowed by the Securities and Exchange Board of India, ie, dollar-rupee, euro-rupee, yen-rupee and pound-rupee.
Reserve Bank deputy governor Shyamala Gopinath and SEBI chairman CB Bhave jointly inaugurated the bourse.
Indian Clearing Corporation Limited (ICCL), promoted and wholly owned by the Bombay Stock Exchange Ltd (BSE), acts as the central counter-party (CCP) and carries out the clearing and settlement activities of the trades executed at the currency derivatives segment of the USE.
ICCL being a central counter-party (CCP) provides novation and thereby helps to achieve settlement guarantee for USE currency derivatives segment. This eliminates counter-party risk of trading and insulates the exchange from threat of credit risk.
