New platform to trade Nifty contracts to be fully operational in Q2 2023

NSE IFSC-SGX Connect, a new platform launched by the stock exchanges of Singapore and India, is targeted to be ready by the end of the second quarter of 2023.

The platform allows orders from Singapore Exchange (SGX) members to be routed to the National Stock Exchange of India (NSE) International Financial Services Centre (IFSC) for trading and execution, with clearing and settlement through SGX Derivatives Clearing.

An enhanced Connect infrastructure to support full-scale Nifty trading is expected to be delivered by technology partner TCS in early 2023.

The transition of trading of SGX Nifty to NSE IFSC via the Connect is expected to take place next year, with dollar-denominated Nifty contracts to be exclusively traded on NSE IFSC.

SGX said on Wednesday (Nov 30) that 14 clearing members have been onboarded, with more to come.