SGX Nifty to be rechristened as GIFT Nifty from July 3

1 year ago 82

AHMEDABAD: Derivatives index

SGX Nifty

will now be rechristened as

GIFT Nifty

, effective July 3, according to the

National Stock Exchange

(NSE). All the orders of Singapore Exchange will now be completely transferred to NSE IFSC Bourse for matching. NSE IFSC, a wholly owned subsidiary of NSE, is an exchange at International Financial Service Center (IFSC) at GIFT City in Gandhinagar.Following the transition, all US dollar-denominated Nifty derivatives contracts will be exclusively traded on NSE IFSC.“From July 3 onwards, all SGX orders will be 100% transferred to GIFT City, NSE IFSC exchange for matching…SGX Nifty will be called GIFT Nifty from July 3,” an NSE spokesperson said on Tuesday.SGX had issued a notice in this regard to the market last month, in this regard and the move will enable investors to trade in dollar-denominated Nifty futures contracts available on SGX at GIFT City. In fact, investors will also have a real-time access to the NSE IFSC market data.

The exchange said that it has obtained all regulatory approvals from the

Monetary Authority of Singapore

(MAS) and the

International Financial Services Centre Authority

(IFSCA).Following the migration of all open positions in SGX Nifty to NSE IFSC Nifty, SGX Nifty is expected to be suspended after the end of trading session on June 30, according to an SGX Circular. “SGX intends to delist the SGX NIFTY at a later date, pending due regulatory process,” the circular further adds.

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