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Singapore Stock Exchange (SGX) on Tuesday said it will list new Indian derivatives in June, despite the National Stock Exchange applying for an interim injunction on them by the National Stock Exchange (NSE).
NSE's application was made in the Bombay High Court.
"We have full confidence in our legal position and will vigorously defend this action. Our clients can continue to trade per normal," SGX said in a statement.
The Singapore-based exchange also said that it has communicated to NSE that India needs to maintain liquidity in its offshore equity derivatives market.
"We have, from the onset, expressed to NSE that there is a need to maintain liquidity in the international India equity derivatives market, in order to connect international participants to GIFT IFSC," Michael Syn, Head of Derivatives, SGX said in a statement.
Only last month, SGX had said it is evaluating a joint trading and clearing model with NSE in Gujarat International Finance Tec-City. Earlier, there were reports of it considering buying a stake in NSE's exchange in GIFT, also known as GIFT IFSC.
In February, three Indian stock exchanges -- NSE, BSE, and Metropolitan Stock Exchange of India -- had cancelled licensing agreements with overseas exchanges for sharing their data feed services and indices.
The current licensing agreements between foreign exchanges and domestic ones are scheduled to expire in August.
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