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Home Breaking News

Full scale operation of NSE IFSC-SGX Connect targeted for second quarter of 2023

by Nav Jeevan
2 years ago
in Breaking News, Business, Capital Market, Central Gujarat, Gandhinagar, Gujarat, Information Technology, National, World
Reading Time: 2 mins read
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Full scale operation of NSE IFSC-SGX Connect targeted for second quarter of 2023
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  •  To date, 14 SGX Clearing Members have been onboarded and work will continue to onboard remaining members progressively
  • This shall be a key milestone in our partnership of more than 22 years with SGX Group to consolidate liquidity in Nifty contracts at NSE IFSC in Gift City: Ashishkumar Chauhan, MD and CEO of NSE

NE BUSINESS BUREAU

MUMBAI, DEC 1

Singapore Exchange (SGX Group) and the National Stock Exchange of India (NSE)on Thursday  announced that full scale operation of the NSE IFSC-SGX Connect is targeted to be ready by the end of second quarter of 2023. The transition of trading of SGX Nifty to NSE IFSC via the Connect is expected to take place shortly thereafter with dollar-denominated Nifty contracts to be exclusively traded on NSE IFSC.

SGX Group and NSE launched the Connect on 29th July this year. Since then, both exchanges have been working closely with technology partner, TCS, and SGX members to transition the trading of Nifty contracts to NSE IFSC.

The Connect enables orders from SGX members to be routed to NSE IFSC for trading and execution with clearing and settlement through SGX Derivatives Clearing. An enhanced Connect infrastructure to support full scale Nifty trading via the Connect is expected to be delivered by TCS in early 2023.

To date, 14 SGX Clearing Members have been onboarded and work will continue to onboard remaining members progressively. SGX Group and NSE will engage the trading community to ensure a smooth transition.

Loh Boon Chye, CEO of SGX Group, said, “I’d like to thank and acknowledge the immense efforts from all parties involved, made possible with support from the Monetary Authority of Singapore (MAS) and International Financial Services Centres Authority (IFSCA), in working towards getting the Connect fully operational by next year. This will be a landmark occasion and we look forward to creating greater connectivity for investors globally and forging closer relationships with our partners in India.”

Ashishkumar Chauhan, MD and CEO of NSE, said, “This shall be a key milestone in our partnership of more than 22 years with SGX Group to consolidate liquidity in Nifty contracts at NSE IFSC in Gift City. We shall collaborate with SGX Group and their members to ensure a smooth and seamless transition to NSE IFSC. I take this opportunity to thank the Government of India, IFSCA, SEBI, RBI, GIFT City authorities, and the Government and Regulatory Authorities in Singapore for their continuous guidance and support to SGX Group and NSE for the NSE IFSC-SGX Connect.”

 

Tags: 2023connectforfullIFSC-SGXnseofOPERATIONquarterscalesecondtargeted
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