GOWRI MANICKAVASAGAM
GIFT IFSC, GANDHINAGAR, JUNE 20
The NSE IFSC-SGX Connect of the NSE International Exchange (NSE IX) on Monday unveiled a new and refreshed brand identity of GIFT Nifty as a part of full-scale transition of SGX Nifty to Gift Nifty on July 3, 2023.
The new identity of Gift Nifty signifies the unique opportunity and new direction for the international investors to participate in India’s growth story to access Nifty products through NSE IX at GIFT City. The new look of Gift Nifty is aligned with the flagship index NIFTY 50, which reflects the growth story of Indian equity markets.
The unveiling of the new logo follows the recent announcement of full-scale operations of NSE IX-SGX Connect to start on July 3, 2023. This will replace the existing SGX Nifty Futures & Options contracts on July 3, 2023 after a switch from Singapore Exchange (SGX) to GIFT IFSC in GIFT City, Gandhinagar. To facilitate this shifting, the entire trading of SGX Nifty will cease to operate at SGX and the entire volume will shift to GIFT IFSC on July 3. Henceforth, the entire Open Interest at SGX Nifty will shift to GIFT Nifty.
- NSE International Exchange unveils a New Identity for Gift Nifty
- Given the growing influence of international investors in India’s growth story, Gift Nifty plays a catalytic role to access broad representation of Indian equities: Injeti Srinivas, Chairperson, IFSCA
- GIFT Nifty offers global investors a single venue for the trading of USD denominated Nifty derivatives: V Balasubramaniam, MD and CEO, NSE IX
- Market participants can access Gift Nifty 50, Gift Nifty Bank, Gift Nifty Financial Services and Gift Nifty IT derivative contracts on NSE IX
Commenting on this, Ashishkumar Chauhan, MD and CEO, NSE said: “The new identity of Gift Nifty signifies the unique opportunity and new direction for the international investors to participate in India’s growth story to access Nifty products through NSE International Exchange at GIFT City. This brings us one step closer to the full-scale transition of SGX Nifty to Gift Nifty on July 3, 2023. Gift Nifty will be a catalyst in achieving Prime Minister’s vision for GIFT City to become a price setter for largest traded instruments in the world. As of now we have over 60 registered brokers and it will cross the century limit as more brokers have applied and the process is under way.”
This strategic initiative between NSE IX and SGX, enables Gift Nifty orders from SGX members to be routed to NSE IFSC for trading and execution with clearing and settlement through SGX Derivatives Clearing.
To begin with, market participants can access Gift Nifty 50, Gift Nifty Bank, Gift Nifty Financial Services and Gift Nifty IT derivative contracts on NSE IX and gradually other indices will be rolled out under Gift Nifty suite. These contracts are accessible for almost 21 hours, which overlaps Asia, Europe, and US trading hours. Gift Nifty offers a single pool of liquidity and venue to access USD denominated Nifty derivatives at NSE IX under the regulatory framework of International Financial Services Center Authority (IFSCA).
In addition, NSE IX also unveiled its new corporate brand identity evolving distinctly designed IX along with NSE to signify the ambition and vision of NSE International Exchange to be a leader in global capital market landscape.
Speaking at the new identity launch ceremony, Injeti Srinivas, Chairperson, IFSCA, said: “IFSCA aims to develop IFSC as global gateway for inbound and outbound requirement of the international financial services. Given the growing influence of international investors in India’s growth story, Gift Nifty plays a catalytic role to access broad representation of Indian equities. I take this opportunity to complement NSE IX on unveiling Gift Nifty brand identity and corporate identity.”
V Balasubramaniam, MD and CEO, NSE IX said: “GIFT Nifty offers global investors a single venue for the trading of USD denominated Nifty derivatives. This is an important milestone to begin the transformation of GIFT City financial landscape and make this a truly global IFSC. NSE IX also unveils its new corporate brand identity which signifies the ambition and vision of NSE International Exchange to be a leader in global capital market landscape. The trading will happen for almost 21 hours in two sessions starting at 6:30 am when the Singapore Exchange opens.”
