NSE IFSC-SGX Connect to facilitate access for global mkt participants in GIFT City: Chauhan

We are confident that the Connect will be the key platform that connects the world to India, offering global investors unprecedented access to Indias capital markets, Loh Boon Chye, CEO of SGX Group, said.The seven members -- Deutsche Bank AG, Morgan Stanley Asia Singapore Securities Pte Ltd, OCBC Securities, Orient Futures International Singapore Pte. Ltd, Phillip Nova Pte. Ltd, StoneX Financial Pte. Ltd, UBS AG -- onboarded on Friday and remaining members will be progressively onboarded in the coming months.

Ashishkumar Chauhan, the newly appointed chief of National Stock Exchange (NSE), on Friday said the roll out of NSE IFSC-SGX Connect will facilitate access for global market participants in GIFT City.

In addition, this will consolidate the liquidity pool for Nifty products in the NSE IFSC (National Stock Exchange International Financial Services Centre) exchange at the Gujarat International Finance Tec-City (GIFT City), he added.

In a joint statement, NSE and Singapore Exchange (SGX Group) announced that the NSE IFSC-SGX Connect is live and ready to trade and clear Nifty equity derivatives for global institutions, a major step towards further connecting the world's investors to India.

The connect was formally launched by Prime Minister Narendra Modi in the GIFT City.

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. Investors also have realtime 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 move will give 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, Chauhan said in his first media statement after taking charge of NSE on Tuesday.

Earlier, Chauhan was the managing director and chief executive of rival bourse BSE.

''The roll out of the Connect ...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,'' Loh Boon Chye, CEO of SGX Group, said.

The seven members -- Deutsche Bank AG, Morgan Stanley Asia (Singapore) Securities Pte Ltd, OCBC Securities, Orient Futures International (Singapore) Pte. Ltd, Phillip Nova Pte. Ltd, StoneX Financial Pte. Ltd, UBS AG -- onboarded on Friday and remaining members will be progressively onboarded in the coming months. PTI SP SHW SHW

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