Indian Powerhouse Bombay Stock Exchange Edges Closer to Acquiring Rival USE
- Shareholders at the Bombay Stock Exchange have granted the firm approval to continue its proposed merger with troubled currency trading venue, the United Stock Exchange, the BSE is expected to become the largest FX venue.
One of Asia's most established and oldest exchanges is expected to strengthen its offerings as its proposed merger of a competing Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term gains approval from its shareholders.
The Bombay Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term's (BSE) proposed merger with the United Stock Exchange (USE) has been granted approval by the BSE's shareholders, thus laying out positive signs for the BSE as it challenges rivals, NSE & MCX for FX trading.
In filings issued by the court, equity shareholders of the BSE voted in favour of the venue's decision to acquire the currency focused exchange, USE.
The merger, that was initially proposed in May earlier this year, will proceed to its next phase where both parties will now be filing necessary petitions at the financial capital's High Court seeking its sanction to the proposed scheme.
BSE aims to enhance its current stake in USE which stands at 14.56 per cent. USE is one of India's most recent exchanges, the venue was launched in 2010 and offers a range of currency futures contracts against the rupee.
The latest news follows on from a spree of yes votes the BSE needs before the merger is accepted. The Competition Commission of India (CCI) and the Securities and Exchange Board of India (SEBI) have already given their approval to the proposed merger.
The USE and the BSE are part of a pact of exchanges that offer connectivity to India's thriving currency derivatives market. The USE represents the commitment of 26 public and private sector banks and allows trading in four currency pairs - USD/INR, EUR/INR, GBP/INR and JPY/INR USE.
Forced Merger
India's financial market operators were also informed about the first forced merger in the country between fraud-ridden NSEL with its technology provider, FTIL. The government issued a notice to merge the two interests in the interest of public safety. Over 13,000 investors were affected by the alleged fiasco, with the firm's directors facing criminal proceedings.
The BSE was the most recent entrant into India's currency trading sector. The exchange has seen strong gains in its trading volumes since launching in autumn last year, the firm surpassing USE in its market share. The BRICS nation introduced currency futures in 2008, in its initial launch period two exchanges offered the INR/USD contract, in addition users benefited from commission free trading as exchanges aimed to increase trading volumes. During its peak, the average daily trading volume was above $5 billion.
India's currency, the rupee, was one of the worst performing in 2013 after facing a 20% drop against the greenback. Since the country elected a new prime minister markets have stabilised and the currency has recovered, however still trailing in the red zone.
One of Asia's most established and oldest exchanges is expected to strengthen its offerings as its proposed merger of a competing Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term gains approval from its shareholders.
The Bombay Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term's (BSE) proposed merger with the United Stock Exchange (USE) has been granted approval by the BSE's shareholders, thus laying out positive signs for the BSE as it challenges rivals, NSE & MCX for FX trading.
In filings issued by the court, equity shareholders of the BSE voted in favour of the venue's decision to acquire the currency focused exchange, USE.
The merger, that was initially proposed in May earlier this year, will proceed to its next phase where both parties will now be filing necessary petitions at the financial capital's High Court seeking its sanction to the proposed scheme.
BSE aims to enhance its current stake in USE which stands at 14.56 per cent. USE is one of India's most recent exchanges, the venue was launched in 2010 and offers a range of currency futures contracts against the rupee.
The latest news follows on from a spree of yes votes the BSE needs before the merger is accepted. The Competition Commission of India (CCI) and the Securities and Exchange Board of India (SEBI) have already given their approval to the proposed merger.
The USE and the BSE are part of a pact of exchanges that offer connectivity to India's thriving currency derivatives market. The USE represents the commitment of 26 public and private sector banks and allows trading in four currency pairs - USD/INR, EUR/INR, GBP/INR and JPY/INR USE.
Forced Merger
India's financial market operators were also informed about the first forced merger in the country between fraud-ridden NSEL with its technology provider, FTIL. The government issued a notice to merge the two interests in the interest of public safety. Over 13,000 investors were affected by the alleged fiasco, with the firm's directors facing criminal proceedings.
The BSE was the most recent entrant into India's currency trading sector. The exchange has seen strong gains in its trading volumes since launching in autumn last year, the firm surpassing USE in its market share. The BRICS nation introduced currency futures in 2008, in its initial launch period two exchanges offered the INR/USD contract, in addition users benefited from commission free trading as exchanges aimed to increase trading volumes. During its peak, the average daily trading volume was above $5 billion.
India's currency, the rupee, was one of the worst performing in 2013 after facing a 20% drop against the greenback. Since the country elected a new prime minister markets have stabilised and the currency has recovered, however still trailing in the red zone.