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BSE to acquire 15% in United Stock Exchange

BSE to acquire 15% in United Stock Exchange
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First Published: Fri, Aug 07 2009. 10 50 PM IST
Updated: Fri, Aug 07 2009. 10 50 PM IST
Mumbai: The Bombay Stock Exchange (BSE) said on Friday that it will acquire a 15% stake in United Stock Exchange (USE), which focuses on currency and interest rate derivatives.
USE plans to launch interest rate futures upon receiving regulatory approval, BSE said in a statement. BSE’s plan to buy stake in USE was first reported by Mint on 5 August.
“New products are expected to be launched in the coming years to help market participants manage their interest rate risks,” the statement said.
“USE will provide an advanced trading platform for these products and will be an important driver of innovation in terms of product and market development,” it added.
State-run Punjab National Bank, Bank of Baroda and Union Bank of India are among the stakeholders in USE.
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First Published: Fri, Aug 07 2009. 10 50 PM IST