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

SINGAPORE Exchange (SGX) on Friday (Oct 22) announced the official opening of its SGX-International Financial Services Centre (IFSC) office in India's Gujarat International Finance Tec-City (Gift City). The office will kick-start SGX India Connect IFSC, a special purpose vehicle that will facilitate SGX's upcoming connect with India's National Stock Exchange (NSE).

The bourse said it also intends to launch Gift Data Connect, which will provide SGX's international members with access to real-time trading data of Nifty contracts via its derivatives trading platform. This will give investors "unrivalled insights into India's equity market", it said.

The upcoming NSE IFSC-SGX Connect aims to bring together the trading of Nifty products in Gift City and create a larger pool of liquidity comprising international and home market participants.

NSE managing director and chief executive officer (CEO) Vikram Limaye said that this is currently being implemented with the guidance of IFSC Authority, with NSE and SGX committed to making it operational "at the earliest".

In his opening remarks at the inauguration of the Gift City office on Oct 22, CEO Loh Boon Chye said the new office brings the bourse's cooperation with NSE, its long-term partner, "ever closer".

Gift Data Connect also represents another significant achievement in delivering the NSE IFSC-SGX Connect, he added.

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NSE's Limaye said he expects Gift Data Connect to help SGX members "fine-tune their trading strategies in preparation for the connect to go live".

Loh noted: "Incorporating international best practices, the NSE IFSC-SGX Connect will facilitate investor access and enhance capital flows with Nifty at its heart. Through Gift Data Connect, we will bring capital markets together in innovative and sustainable ways, with the trust and efficiency that SGX is known for."