New bourse for currency derivatives the United Stock Exchange of India began operations on Monday and witnessed good volumes in the first hour of trade.
USEIL, promoted by 11 banks, MMTC, and a large brokerage firm Jaypee Capital has received in princial approval from Sebi for commencing contracts in currency derivatives.
The five-month-old exchange traded currency futures market is set to witness competition, rising volumes and innovations with the United Stock Exchange of India gearing up to launch the product in April.
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