The Bombay Stock Exchange (BSE) today said it will take a 15 per cent stake in the United Stock Exchange (USE).
USE, which will operate as a BSE Group company, brings together a consortium of key stakeholders – the exchange, banks, financial institutions – to drive the development and growth of the currency and interest rate derivative markets, a release said here.
Currency futures have been trading actively for the past year, however, the market is still at a very nascent stage.
USE?s efforts will be focused on increasing the participants in this market, as well as the liquidity and the range of tradeable products, the release said.
With prior regulatory approval, USE will also launch interest rate futures, it added.
BSE Chairman Jagdish Capoor said, ?events in recent years have demonstrated the desirability of exchange-traded products.”