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NSE, SGX win approval for joint derivatives project at India's GIFT city

Tue 6th August, 2019 1:36pm
MUMBAI, Aug 6 (Reuters) - India's National Stock Exchange
(NSE) and the Singapore Exchange (SGX)  SGXL.SI  have been given
the go-ahead for their international financial centre in western
India, they said in a joint statement on Tuesday.
    The proposed NSE International Financial Service Centre
(IFSC)-SGX Connect aims to bring together the trading of Nifty
products in Gujarat International Finance Tec-City (GIFT) and
create a larger pool of liquidity comprising international and
home market participants, the release said.
    The proposal is subject to further approvals from relevant
local authorities.
    "SGX and NSE will continue to work with all key stakeholders
to make the NSE IFSC-SGX Connect operational before the end of
2020, subject to members' readiness and receiving all relevant
approvals," the two said.
    "Both exchanges are also working to discontinue related
arbitration proceedings," they added.
    The two exchanges have been locked in dispute after India's
three main bourses unexpectedly announced in February last year
that they would stop licensing their indices to foreign bourses
from August.  urn:newsml:reuters.com:*:nL4N1TI03O
    Arbitration proceedings began in the matter after an Indian
court last May referred the dispute to an arbitrator. 
    The arbitrator had 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:*:nL4N1UL46W
    Over the past two decades, SGX has become the most popular
market for foreign investors to bet on Indian equity indexes,
with Nifty 50 futures  SINc1  tracking the NSE's main index
 .NSEI .

 (Reporting by Abhirup Roy
Writing by Swati Bhat)
 ((swati.bhat@thomsonreuters.com; twitter.com/swatibhat22;
+91-22-68414381; Reuters Messaging:
swati.bhat.thomsonreuters.com@reuters.net))
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