United Stock Exchange of India Limited, also known as the United Stock Exchange (USE), is an Indian government owned stock exchange. It is the 4th pan-India exchange launched for trading financial instruments in India. USE represents the commitment of 21 Indian public sector banks, private banks, international banks and corporate houses to build an institution of repute. Mr. Gaurav Arora and Jaypee Capital were the founders and main promoters of the exchange.
Public Sector Banks that are stakeholders of USE include Allahabad Bank, Corporation Bank, Punjab National Bank, Andhra Bank, Dena Bank, State Bank of India, Bank of Baroda, IDBI Bank, Syndicate Bank, Bank of India, Indian Bank, UCO Bank, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Canara Bank, Oriental Bank of Commerce, United Bank of India, Central Bank of India, Punjab and Sind Bank, Vijaya Bank.
Private Sector Banks like Axis Bank, Yes Bank, Federal Bank, J & K Bank, HDFC Bank and ICICI Bank are also stakeholders in USE. Corporate Institutions such as MMTC and India Potash are also associated with United Stock Exchange.
USE launched its operations on 20 Sept 2010. On the first day of operations, USE cornered 52 percent market share and created a record of highest volumes traded in currency futures in a single day.
USE began operations in the future contracts in each of the following currency pairs:
There would be 12 contracts i.e. one for each of the next 12 months in each of the above currency pair Outright contracts as well as calendar spread contracts are available in each pair for trading
USE also started trading in USD-INR currency options in 2011 and became the second Indian exchange to trade in currency options
USE has applied for permission to start operating in the debt segment
All transactions on USE must be carried out through registered members. All non-member participants can access the exchange as clients of members. Membership is therefore granted to market participants with high credibility and an excellent track record. Members will need to meet all requirements prescribed by the Securities Exchange Board of India (SEBI) as also the requirements stipulated by USE itself. This is to ensure that traders are protected against any counterparty risk and also to help develop and build market confidence.
Two types of membership is available with USE
USE has more than 400 trading members, more than 50 clearing members and 10 clearing banks. Membership, details available on Membership Details
Currently, USE charges transaction fees
Transaction Charges (futures contracts) (Rs. per crore of Traded Value)
Up to â¹1250 crore â¹95
More than â¹1251 crore to â¹2500 crore â¹75
More than â¹2501 crore to â¹3750 crore â¹60
More than â¹3751 crore to â¹5000 crore â¹45
More than â¹5001 crore to â¹6250 crore â¹30
More than â¹6251 crore to â¹7500 crore â¹20
More than â¹7501 crore to â¹10,000 crore â¹10
More than â¹10,001 crore â¹05
Transaction Charges (options contracts) (Rs. per crore of Premium Value)
Up to first â¹5 crore â¹75/Lakh each side
More than â¹5 crore up to â¹25 crore â¹4500/crore each side
More than â¹25 crore up to â¹50 crore â¹4000/crore each side
More than â¹50 crore up to â¹75 crore â¹2000/crore each side
More than â¹75 crore â¹1500/crore each side