NSE files case against Singapore Exchange over India derivative products
National Stock Exchange (NSE) has filed a case in Bombay High Court against Singapore Exchange (SGX) over its plan to launch derivative products based on Indian stocks. NSE is seeking an interim injunction on new products to be launched by SGX from June 2018. 
 
In a release, SGX says, "We have full confidence in our legal position and will vigorously defend this action. Our clients can continue to trade per normal. Our new India derivative products, which have received the relevant regulatory approvals, will list in June 2018 and allow our clients to seamlessly transition their India risk management exposures."
 
“SGX has a responsibility to provide risk management tools for our global clients and ensure there is no disruption to the marketplace. Our new India equity derivative products are essential to enable institutional investors to maintain their current portfolio risk exposure to the Indian capital markets. We have, from the onset, expressed to NSE that there is a need to maintain liquidity in the international India equity derivatives market, in order to connect international participants to GIFT IFSC. We remain open to working with NSE and other relevant stakeholders to develop a solution that meets the risk management needs of global market participants,” said Michael Syn, Head of Derivatives, SGX.
 
Earlier in January 2018, Singapore Exchange Derivatives Trading Ltd, a wholly-owned subsidiary of SGX had said that it would launch 50 single stock future contracts from next month. However, NSE reportedly asked SGX to delay introduction of single-stock futures, which would have tracked some of the subcontinents largest companies. 
 
Both SGX and NSE have a licensing agreement that allows futures and options based on the benchmark NSE Nifty 50 Index to trade in Singapore, though existing products track indices and sectors and not individual shares.
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    According to a report on tech website Engadget, Coinbase did not give a specific reason but it pointed to its legal requirement to honour "regulatory compliance mechanisms" under the US' Financial Crimes Enforcement Network.
     
    Interestingly, WikiLeaks is calling for a "global blockade" of Coinbase, claiming that the exchange is reacting to a "concealed influence."
     
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    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
     

     

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    Singapore Exchange to list new India equity derivative products in June
    The Singapore Exchange (SGX) on Wednesday said it will list new India equity derivative products in June.
     
    "The SGX will list new India equity derivative... to provide market participants with continuity and the ability to seamlessly transition their current India risk management exposures," it said in a statement.
     
    The SGX's announcement comes after three major domestic exchanges -- BSE, NSE and Metropolitan Stock Exchange of India (MSEI) -- on February 9 said they will stop operating their indices on international bourses.
     
    The products also "add to the existing India Single Stock Futures offering, which has garnered active participation from global institutional clients since its launch, demonstrating the demand for access products", it added.
     
    The statement said that work was ongoing to evaluate a joint trading and clearing model in the Gujarat International Finance Tech (GIFT) city between the National Stock Exchange of India (NSE) and SGX to meet the risk management needs of international participants.
     
    "The SGX has worked hard over the past two decades to promote the development and internationalisation of India's capital markets. 
     
    "We are still exploring a solution that would bring the liquid international market directly into GIFT city, in a way that meets our clients' regulatory requirements while growing the overall market," said Michael Syn, Head of Derivatives at SGX.
     
    "In the meantime, we will continue with our new India equity derivative products, which international portfolio investors need to maintain exposure to India," he added.
     
    "Exchanges or their subsidiaries/group entities or any other entity having licensing arrangement with exchanges shall not license/provide Indian indices and/or the data including the price of Indian securities to any foreign exchange and/or trading platforms for trading or settling derivatives in any form in a foreign jurisdiction," the exchanges had said in a joint statement.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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