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Feb 12, 2018 02:50 PM IST | Source: Moneycontrol.com

SGX Nifty trading continues on Monday; exchange mulls more Indian products

Singapore Exchange on Monday opened its trading for entire India suite of products, including Nifty, operating as per normal, as it announced on Sunday.

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Singapore Exchange on Monday opened trading for its entire India suite of products, including Nifty, a few days after Indian exchanges announced they would stop sharing data with foreign exchanges.

The exchange reassured international traders that trading on products based on Indian securities would continue till August 2018.

"Our licence agreement with NSE will ensure the continuity of listing and trading our Nifty suite of derivative products till August 2018 at a minimum", the SGX said in a statement.

"SGX wishes to assure market participants that we will take all measures to maintain orderly trading and clearing of SGX India equity derivatives for our global clients. The market for our entire India suite of products including Nifty will open and operate per normal on Monday, 12 February 2018," the Singapore bourse said.

This morning, the SGX Nifty was trading up 0.4 percent higher at around 8 am India time. The Indian Nifty opened at about the same level an hour later, reiterating the Singapore index's reputation here as a forerunner of the Indian market.

SGX and NSE are long-term partners and have collaborated since 2000 to develop and internationalise India’s capital markets. SGX will work jointly with NSE towards solutions for global investors, including developing solutions from NSE’s International Exchange (NSE IFSC Limited) in Gujarat International Finance Tech (GIFT) city – International Financial Services Centre.

On February 9, Indian exchanges — National Stock Exchange, BSE and Metropolitan Stock Exchange of India — announced they would stop the commercial licensing of their indices and market data with a number of foreign exchanges and other business partners.

In the joint statement on Friday, India's top bourses asserted that such agreements had led trading to "migration of liquidity from India, which is not in the best interest of Indian markets."

SGX in its statement on Sunday said that it would develop and launch new India-access risk management solutions to allow global participants in SGX India equity index family of derivative products, to execute their investment activities with continuity.

The Singapore bourse said details for the same will be announced shortly.

Recently, discussing the exchanges' move, Securities and Exchange Board of India (SEBI) chief Ajay Tyagi told CNBC-TV18 that he "did not think the move is retrograde".

Tyagi was speaking on concerns that the move was anti-competition and whether it stifled market efficiency.
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