The National Stock Exchange of India (NSE) is India's largest securities exchange in terms of daily trade numbers. It offers automated electronic trading of a variety of securities, including equity, corporate debt, central and state government securities, commercial paper, CDs, and exchange traded funds. The exchange has more than 1,000 listed members. Owned by more than 20 different financial and insurance institutions, NSE specializes in three market segments: wholesale debt, capital market (automated screen-based trading system), and futures and options (derivatives, the largest segment of the exchange). NSE started operations in 1994.