Derivative contracts worth $10 billion are set to shift from Singapore to India as a cross-border trading link between the two countries’ top bourses becomes fully operational. The Singapore Exchange (SGX) Nifty, which traded futures on India’s key equity NSE Nifty 50 Index, will now be known as GIFT Nifty and all outstanding orders will be transferred to the new financial hub in India’s Gujarat state, known as GIFT City. The move marks a partial success for Prime Minister Narendra Modi’s administration’s attempts to attract India-centric trading away from global financial centres such as Dubai, Mauritius and Singapore. The switch fully settles a five-year feud between the National Stock Exchange of India (NSE) and SGX. Nifty derivative contracts were the second largest contributors to SGX’s equity-derivative volumes after SGX FTSE China A50 Index futures. Both SGX and NSE will split costs and revenues roughly 50-50, with SGX handling the clearing.
$10 billion derivative trade shifts to India after resolution of feud with SGX
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