The proposed buying and selling hyperlink between Singapore Exchange (SGX) and the National Stock Exchange (NSE) on the Gift City IFSC could get operational early next year.
Known as NSE-SGX Gift City Connect, it is going to allow the Singapore bourse’s shoppers to commerce in Nifty derivatives on the NSE IFSC. Nifty derivatives contracts are among the many most-traded on the SGX. They are utilized by world traders to hedge their India publicity.
“We look forward to full-fledged operations of the NSE IFSC-SGX connect at Gift city around the Vibrant Gujarat Summit likely to be held in January 2022,” mentioned Tapan Ray, MD & Group CEO, GIFT City.
He was talking on the occasion organised to mark the inauguration of SGX’s office at Gift City, which will even home a knowledge centre—Market Data Connect.
“With this further progress, which we have made by setting up this subsidiary of SGX in GIFT IFSC and also opening up of GIFT Data connect, we should be able to operationalize and commence by the year end,” mentioned Injeti Srinivas, Chairman, IFSC Authority.
The NSE-SGX Gift City connect has been underneath the works for a few years now. The association was proposed after Indian bourses determined to finish licensing agreements with their abroad counterparts in 2018. The transfer was to place a cease to buying and selling in home merchandise on abroad exchanges such because the SGX.
“The launch of the Market Data Connect brings us one step closer towards operationalising the NSE IFSC-SGX connect at GIFT IFSC. This will allow the SGX members to read the price data of Nifty derivative products at NSE IFSC in real time, which will help them to fine tune their trading strategies in preparation for the connect to go live,” mentioned Vikram Limaye, MD & CEO, NSE
Loh Boon Chye, CEO, SGX added, “The GIFT Data Connect enables SGX’s international members to access real-time trading data of Nifty contracts via our derivatives trading platform, giving investors unrivalled insights into India’s equity market.”
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