Pursuant to the full-scale switch from July 3 from Singapore Exchange (SGX) to NSE-IFSC Exchange in the International Financial Services Centre (IFSC) in GIFT City – Gandhinagar, the derivatives index SGX Nifty will be renamed to GIFT Nifty, the reports quoting NSE Spokesperson said Tuesday.
The National Stock Exchange of India (NSE)‘s IFSC-SGX Connect exchange will be used for matching all the orders from SGX from July 3.
“Approval from MAS (Monetary Authority of Singapore) – the Singapore regulator and IFSCA (IFSC Authority) – Gift IFSC regulators have been obtained,” a Reuters report quoted the NSE spokesperson as saying.
On April 17, businessline had reported about the SGX putting out a notice stating that a “full-scale operation of the NSE IFSC-SGX Connect (Connect) with the transition of SGX Nifty derivatives to NSE IFSC will take place on July 3. Following the transition, all US-dollar denominated Nifty derivatives contracts will be exclusively traded on NSE IFSC.”
With the migration of all open positions in SGX NIFTY to NSE IFSC NIFTY, there will be no open interest remaining in SGX NIFTY. The SGX NIFTY will be suspended from trading after the end of the T session on June 30, the circular said, adding that SGX intends to delist the SGX NIFTY at a later date, pending due regulatory process.