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Contracts based on NSE's Bank Nifty Index are also to be traded on SGX
National Stock Exchange (NSE) has signed a deal with the Singapore Stock Exchange (SGX) which would enable investors to trade all derivative contracts based on the NSE’s products at Gujarat’s GIFT City. The deal comes three years after leading Indian stock exchanges threatened to cut its ties with the Singapore stock exchange, owing to fears that such trading would make global investors jumping from Indian bourses to foreign bourses.
Other derivative contracts to be traded soon
The new arrangement between NSE and SGX will allow investors from around the world to trade in investors based on Indian stocks and indices on a platform that is under India’s jurisdiction. It will be working from early morning for investors in Japan and till late night for investors in US.
According to a release from the NSE, SGX India Connect IFSC also opened its office in GIFT city and announced that it would launch GIFT Data Connect in the day. Through this connectivity, global investors will get real-time access to Nifty’s trading data.
At present, only Nifty futures contracts are traded on the Singapore exchange, of which SGX Nifty is the most popular one. Later, once the link between SGX and NSE stabilises, popular derivative contracts like SGX Nifty and products based on NSE’s other indices could be traded on the new platform that will be run by SGX India Connect IFSC, the joint venture company.
Also, contracts based on NSE’s Bank Nifty Index are also to be traded on SGX.
According to the publication, the opening up of new office and the data connection will enable global investors to use live NSE data to fine tune their trading strategies.