United Stock Exchange of India Successfully Completes First Week of Operations
Following a world record-setting first day of trading in which 9.88 million contracts valued at nearly $10 billion USD changed hands, the new United Stock Exchange of India (USE) today concluded its first week of operations as India's most preferred currency derivatives exchange. The exchange was the market leader on all five trading days.
USE finished the week with volume today of 5.64 million contracts, valued at $5.64 billion USD, representing a leading 37 percent market share. Average daily volume on the exchange for the first week was 6.31 million contracts valued at $6.31 billion USD, representing a 41 percent market share.
Open interest on the exchange continued to build up strongly, ending the day today at 190,000 contracts, a 76 percent increase over yesterday. Expiration of the September contract is on Monday, Sept. 27, and rollover volumes onto the October contract are coming to USE, triggering the jump in open interest.
Mr. T.S. Narayanasami, MD & CEO of United Stock Exchange, said:" We are pleased with our progress in the first week and are thankful to be supported by the entire Indian banking community as well as such a broad range of market participants. We are confident that our performance in the coming months will far exceed expectations, and we will maintain our position as the leading currency exchange in India."
There are 225 registered trading members and 32 clearing members on United Stock Exchange. USE has also empanelled nine banks as Clearing and Settlement bankers for the exchange.
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