*Standard Chartered Bank* and *Bank of America Merill Lynch* will pick up 3% stake each in *United Stock Exchange* after seeking approval from Foreign Investment Promotion Board.
USE, founded in 2008, will launch currency derivatives trading once it receives Sebi’s permission. BSE is the largest shareholder of USE with a 15% stake. Currently, NSE and MCX Stock Exchange offer trading in dollar-rupee, euro-rupee, pound-rupee and yen-rupee futures. USE will use BSE’s infrastructure, including its clearing and settlement mechanism, for offering trading in currency futures for which it will pay a fee to BSE. However, the segment approval for currency futures trading will be given by Sebi, subject to Jaypee bringing down its stake in USE from current level of a little under 15%. Apart from BSE and Jaypee, stakeholders in USE include Federal Bank (6%), Bank of India (5%), HDFC, Bank of Baroda , Union Bank Of India, Allahabad Bank, MMTC, TCS and Indian Potash. In May 2009, USE had picked up 10% stake in *International Multi Commdity Exchange*- the 4th national level commodity exchange being promoted by Indiabulls Financial Services and MMTC. -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
