Prime Minister Narendra Modi launched the NSE IFSC-SGX Connect, a joint venture between the National Stock Exchange of India (NSE) and Singapore Exchange (SGX) at the Gujarat International Finance Tec (GIFT) City, Gandhinagar on Friday. The new platform will enable global investors to trade in dollar-denominated Nifty futures contracts available on the Singapore Exchange (SGX) in GIFT City. Investors will also have real-time access to NSE IFSC market data.
Union finance minister Nirmala Sitharaman, Gujarat CM Bhupendra Patel, SGX Group CEO Loh Boon Chye and NSE MD & CEO Ashishkumar Chauhan were among those present during the launch.
The platform will lead to orders from SGX's trading members being routed through the International Finance Centre for trading and execution, said an NSE release. The clearing and settlement process will happen through NSE IFSC Clearing Corporation and SGX Group's Derivatives Clearing as the central counterparty, it said.
Foreign banks and institutions such as Deutsche Bank, Morgan Stanley Asia (Singapore) Securities OCBC Securities, Orient Futures International (Singapore), Phillip
, StoneX Financial, and UBS AG have onboarded NSE IFSC-SGX Connect, the release said.
Nifty contracts on SGX are popular among foreign investors who do not wish to register and trade in India. ...