• Milestone for Singapore’s ties with India in financial markets

• Connect will enhance liquidity by bringing together international and domestic participants 

Singapore Exchange (SGX Group) and the National Stock Exchange of India (NSE) announced today that the NSE IFSC-SGX Connect is ready to trade and clear Nifty equity derivatives for global institutions, a major step towards further connecting the world’s investors to India.

The NSE IFSC-SGX Connect was formally launched by the Prime Minister of the Republic of India Narendra Modi, in the presence of Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, Chief Minister of Gujarat Bhupendra Patel, Union Ministers of State for Finance Pankaj Chaudhary and Dr Bhagwat Kishanrao Karad, Minister of Finance, Government of Gujarat Kanubhai Desai, and International Financial Services Centres Authority (IFSCA) Chairman Injeti Srinivas at an event at Gujarat International Finance Tec-City (GIFT) City today. The High Commissioner of the Republic of Singapore to India, Simon Wong, SGX Group CEO Loh Boon Chye, and NSE MD and CEO Ashishkumar Chauhan were also present at the event.  

With India’s economy projected to become the world’s third largest, the NSE IFSC-SGX Connect presents an innovative pathway for international investors to participate in India’s growth story. Through SGX Group’s unique trading infrastructure in GIFT City, investors in India and around the world can now trade Nifty contracts listed on NSE IFSC seamlessly and efficiently with global risk-management and clearing standards. Investors also have real-time access to NSE IFSC market data.

The Connect enables orders from SGX Group’s trading members to be routed to NSE IFSC for trading and execution, with clearing and settlement through NSE IFSC Clearing Corporation Ltd. and SGX Group’s Derivatives Clearing as the central counterparty.

The following members will be onboarded today and remaining members will be progressively onboarded in the coming months.

• Deutsche Bank AG

• Morgan Stanley Asia (Singapore) Securities Pte Ltd.

• OCBC Securities Private Limited

• Orient Futures International (Singapore) Pte. Ltd.

• Phillip Nova Pte. Ltd.

• StoneX Financial Pte. Ltd.

• UBS AG

Loh Boon Chye, CEO of SGX Group, said, “The roll out of the Connect is a significant milestone for SGX Group and NSE, and it brings us one step closer to combining the growing domestic and international liquidity pools for Nifty products. We are confident that the Connect will be the key platform that connects the world to India, offering global investors unprecedented access to India’s capital markets.”

Ashishkumar Chauhan, MD and CEO of NSE, said, “Today is a historic day for NSE IFSC as the NSE IFSC-SGX Connect has commenced. This Connect will consolidate the liquidity pool for Nifty products in the NSE IFSC exchange and will facilitate access for global market participants in GIFT City. Consequently, it will give a boost to the IFSC capital markets eco system and is an important step towards making GIFT City a preferred global destination for capital market activities. I take this opportunity to thank the Government of India, IFSC Authority, GIFT City authorities, SEBI, RBI and the government and regulatory authorities in Singapore for their guidance and support to NSE and SGX Group in making the Connect a reality.”

Source: SGX Singapore