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NSE, SGX resume talks to collaborate at international finance hub in India

Wed 25th July, 2018 1:10pm
MUMBAI, July 25 (Reuters) - Singapore Exchange Ltd (SGX)
 SGXL.SI  and India's National Stock Exchange (NSE)  NSEI.NS 
said on Wednesday they had resumed talks on a potential
collaboration at an international financial centre in western
India.
    The announcement comes amid an ongoing dispute between the
two exchanges after Indian bourses, including NSE, said in
February they would stop licensing their indexes to foreign
bourses from August.  urn:newsml:reuters.com:*:nL4N1PZ4UY
    SGX responded saying it would launch successor products to
its flagship Indian equity derivative products from June.
 urn:newsml:reuters.com:*:nL3N1RO4W8
    An Indian court, however, in May referred the dispute around
the proposed offerings to an arbitrator, who asked SGX to
continue listing and trading SGX Nifty contracts beyond August,
and barred it from offering its proposed new products until a
final decision.  urn:newsml:reuters.com:*:nL4N1TI03O
    On Wednesday, SGX and NSE said in a joint statement the
arbitrator had granted a deferment of arbitration proceedings
pending the outcome of the discussion on collaboration at the
Gujarat International Finance Tec-City, or GIFT City.
    "SGX and NSE will jointly engage and consult relevant
stakeholders on the proposed collaboration," they said in the
statement, adding the directions under the arbitration order
would remain effective.
    NSE and SGX had been evaluating a joint trading and clearing
model in GIFT City, but talks failed to materialise.
    Separately on Wednesday, market regulators Securities and
Exchange Board of India and the Monetary Authority of Singapore
(MAS) said they had held discussion on various issues, including
an "amicable resolution" of the NSE and SGX issue. 
    "Both regulators also agreed that NSE and SGX would carry
out necessary discussions to come up with a solution that is
acceptable to both the parties," they said in a joint statement.

 (Reporting by Abhirup Roy; editing by David Evans)
 ((abhirup.roy@thomsonreuters.com; + 91 22 6180 7067; Reuters
Messaging: abhirup.roy.thomsonreuters.com@reuters.net))
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