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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    Twitter to ban cryptocurrency ads from Tuesday
    Twitter has confirmed that it will begin blocking cryptocurrency-related ads on the platfrom from Tuesday even as the micro-blogging site updated its policy relating to such advertisements.
     
    "We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally," The Verge quoted the company as saying.
     
    "The policy will be fully enforceable among all advertisers within a month," Twitter said, adding that all ICOs and token sales would be banned, and cryptocurrency exchanges and wallets would be restricted to only public companies listed on major stock markets.
     
    Earlier this month, Twitter CEO Jack Dorsey acknowledged that the company was facing an issue wherein copying verified Twitter accounts to trick cryptocurrency users was becoming increasingly prevalent.
     
    Dorsey said the company was working to fix the cryptocurrency scam on Twitter in which several users were tricked and their digital assets were stolen.
     
    Banning cryptocurrency-related ads follows Facebook and Google's announcement that they would ban advertisements for cryptocurrencies and other "speculative financial products" across their ad platforms.
     
    In January, social media giant Facebook banned all ads promoting cryptocurrencies, including Bitcoin and ICOs.
     
    Google's ban on such advertisements would come into force from June. 
     
    "We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs)," Scott Spencer, Google's Director of Sustainable Ads, had said. 
     
    "In June 2018, Google will update the financial services policy to restrict the advertisement of contracts for difference, rolling spot forex and financial spread betting," Google said.
     
    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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    Price glitch leaves tech giants stocks fixed at USD123.47
    In after-hours trading on the eve of the US Independence Day, a stock market data error set major tech companies like Apple, Google and Amazon listed on the Nasdaq exchange to the same share price of $123.47 late on Monday, that saw Amazon going down 87% and Facebook game maker Zynga up a massive 3,292%.
     
    As a result of the glitch, which Nasdaq said was caused by "faulty test data being improperly disseminated by third-party vendors", several stocks briefly showed their price to be USD123.47. 
     
    Prices on Nasdaq's official website appeared unaltered but the issue was replicated across financial data services including Bloomberg, Thomson Reuters, Google Finance and Yahoo Finance which displayed the incorrect price change, Financial Times reported on Tuesday.
     
    The glitch made Apple appear down by 14.3%.
     
    Nasdaq said the glitch did not affect any market trading, including after hours. 
     
    However, traders in Hong Kong were quoted as saying they saw a handful of trades reported at those prices, although many deals were subsequently cancelled.
     
    At the USD123.47 price, Microsoft jumped 79.1%, which would value the company at nearly USD1 trillion.
     
    For tech giant Amazon which had an opening price of USD972.79 a share, the error had a catastrophic effect on the appearance of its market cap while other companies like struggling Facebook game maker Zynga saw their stock price soaring by a massive 3,292%. 
     
    If the declines had actually occurred, it would have knocked USD104 billion off the market value of Apple, the world's most valuable stock. Amazon's market cap would have dropped USD396 billion, the report added.
     
    In a statement to the Financial Times, Nasdaq said the culprit was "improper use of test data" that was picked up by third party financial data providers. The exchange said it was "working with third party vendors to resolve this matter."
     
    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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    COMMENTS

    pradip

    2 years ago

    Makes amusing reading. But there's lesson to be learnt. Improper use of test data or whatever should be studied by all concerned. Next time or mar not be harmless. It can cause unprecedented upheaval and redistribution of wealth across investors. In fact FAR, failure analysis report and remedial measures be shared with all. So it doesn't repeat.

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