SGX, CME extend mutual offset arrangement to Nifty futures

The Singapore Exchange (SGX) and the Chicago Mercantile Exchange (CME) will extend their mutual offset arrangement to include the futures contract based on the National Stock Exchange’s (NSE) S&P CNX Nifty index.

The addition will allow round-the-clock trading of Nifty futures as investors will be able to offset positions taken in the contract in one exchange to the other, SGX said in a statement.    

The offsetting arrangement for Nifty futures will be effective from July 19, when CME will launch E-mini and E-micro Nifty futures contracts on its Globex platform.

“The addition of the Nifty futures to our mutual offset agreement will enable our customers to clear Nifty futures transactions in any time-zone that suits them,” said Gan Seow Ann, president of SGX.

The Nifty futures contract will be the fifth covered by the arrangement between SGX and CME, which has been in place since 1984. Other contracts covered by the arrangement are the Euro-dollar, Euro-yen, Yen Nikkei 225 and US$ Nikkei 225 futures contracts.