SGX postpones launch of Indian derivatives products

The Singapore Exchange's new products are named India futures and India options, and the exchange will make use of the closing Nifty price to settle new contracts.
INDORE, India - May 30, 2018 - PRLog -- The Singapore Exchange Limited (SGX) has put off the launch of new SGX India product which is a set of India derivatives, after an Indian court on Tuesday, 29 May, referred a proprietary disagreement around the proposed offerings to an arbitrator.

Singapore Exchange has been locked in a dispute with India's National Stock Exchange of India Limited (NSE) after the country's three major exchanges unexpectedly announced in February that they would discontinue licensing their indexes to foreign exchanges from August.

In response, Singapore Exchange that said it would launch successor products to its flagship Indian equity derivative products on June 4. However, the NSE sought an interim order against the launch, stating the proposed products violated the intellectual property rights of IISL (India Index Services and Products), a NSE subsidiary that runs the Nifty index.

Meanwhile, SGX stated that it will carry on listing SGX Nifty contracts until August.

Since 20 years, SGX has become the most popular market for foreign investors to bet on Indian equity indexes, with Nifty-50 futures tracking the NSE's main index.

But NSE, BSE and  MSEI (Metropolitan Stock Exchange of India)  took steps to end licensing deals with foreign exchanges to avert the loss of trades to overseas rivals, after SGX went ahead to introduce trading in single-stock futures contracts.

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