The newest entrant in the currency futures trading United Stock Exchange, after establishing its toespace with close to 500 members in its fold is in a consolidation mode with plans being readied for intensified membership drive, awareness and well-knit southern penetration strategy, besides introducing fee for its membership and transactions, said T S Narayanasami, managing director and CEO, United Stock Exchange.
The exchange, which is putting in place efforts to scale up its marketshare to 15% to 20% by April from its current 6% is in the process of deliberations with industry bodies to promote activities aimed at creating awareness of the high growth potential in the country’s financial markets.
It had last week signed an MoU with Assocham as part of its expansion plan.
?We are in the process of delibeations with similar trade bodies such as FIEO to get more exporters and traders enrolled into its fold. The exchange is also mulling plans to introduce fee for its membership and transactions in order to streamline its revenue stream, once CCI comes out with guidelines on the issue of fee, which is looking at the aspect following the issue being dragged to it by two leading players. We would like to introduce fee for members and as well transactions since it makes greater business sense. We are awaiting orders from CCI on this which is expected in January itself.?
USE has 21 Indian public sector banks, private banks and corporate houses on the board and BSE as its strategic partner.
?While BSE has 15% stake, Federal bank holds 6%. The banks are the most suited members of ours as currency and interest rate derivatives hold immense opportunities,? he said, adding that ?its bank promoter base allows a build-up of a highly liquid marketplace for the products?.
The exchange has done a preliminary survey of Tirupur textile exports belt prior to launching the exchange in September last.
?We will be sort of renewing the exercise of deliberations with traders and exports community and hope to get at least 150 members from south?, he said.
Sourav Arora, president, marketing and business development, USE said, ?the exhange is making allout efforts to create awareness about the benefits and facilities at the platform and is in the process of spreading its wings.?