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SGX, NSE agree on way forward for Nifty dispute

THE Singapore Exchange (SGX) and India's National Stock Exchange (NSE), two of Asia's largest trading venues, have agreed on a way forward in the dispute involving the latter's Nifty index futures contract.

"Both SGX and NSE have agreed on a way forward to continue to serve the market. That proposal is with both regulators," SGX's chief executive officer Loh Boon Chye said at a media and analyst briefing after the bourse announced its third-quarter results on Thursday.

When asked to elaborate, Mr Loh would only say "we are in a good position'' but declined to provide any details since the proposal is now with regulators. 

The contract has been at the heart of the dispute between the two exchanges. The NSE has been providing data to SGX for the derivative product, which is used by offshore investors looking to hedge exposure to the Indian stock market. But NSE and two other Indian exchanges ended agreements to provide market data to overseas exchanges, affecting the trading of offshore derivatives, including the SGX's Nifty 50 Index Futures.

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