SGX, India stock exchange launch platform to trade Nifty equity derivatives

THE stock exchanges of Singapore and India on Friday (Jul 29) announced the launch of a new platform to trade and clear Nifty equity derivatives for global institutions.

Called the NSE IFSC-SGX Connect, the Singapore Exchange (SGX) and the National Stock Exchange of India (NSE) said this is a major step towards connecting the world’s investors to India’s capital markets.

It was formally launched by Indian Prime Minister Narendra Modi at an event at Gujarat International Finance Tec-City (GIFT City) in India that was also attended by the chiefs of both bourses.

The platform enables orders from SGX’s trading members to be routed to NSE International Financial Services Centre (IFSC) for trading and execution, with clearing and settlement through NSE IFSC Clearing Corporation and SGX’s Derivatives Clearing as the central counterparty, according to a joint statement.

The following members were onboarded on Friday, said the statement, and remaining ones will join in the coming months:

• Deutsche Bank
• Morgan Stanley Asia (Singapore) Securities
• OCBC Securities
• Orient Futures International (Singapore)
• Philip Nova
• StoneX Financial
• UBS

Calling the launch a “significant milestone”, SGX chief executive Loh Boon Chye said: “It brings us one step closer to combining the growing domestic and international liquidity pools for Nifty products.”

SEE ALSO

SGX opens office in India's Gift City; to launch Gift Data Connect for real-time Nifty data insight

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

Ashishkumar Chauhan, managing director and CEO of NSE, said the connect will give a boost to the IFSC capital markets ecosystem and is an important step towards making GIFT City a preferred global destination for capital market activities.