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Singapore's SGX Nifty began trading as Gift Nifty from Gujarat's GIFT City here on Monday, with USD 9.4 billion open interest transferred to the new entity and USD 1.12 billion volume achieved in the first session of day-one trading. July 3 marked the full-scale transition of SGX Nifty to Gift Nifty, providing an opportunity for international investors to access Nifty products through NSE IX at GIFT City. A bell-ringing ceremony was organised at the GIFT City to mark the occasion as USD 9.4 billion of open interest was transferred from SGX Nifty to Gift Nifty. "Earlier some portion of our trading had gone offshore, and now it is coming onshore in a different jurisdiction, which is GIFT International Financial Services Centre (GIFT IFSC). It is a great day and gives us a tremendous feeling of how ISFC will operate in the future," MD and CEO of the National Stock Exchange (NSE) Ashish Chauhan said. "It marks a tectonic shift and we are in some sense achieving what we call onshoring th
International investors will continue to trade through Singapore Exchange (SGX Group) in Nifty as the USD 7 billion open interest contract will be relaunched on GIFT City from July 3, 2023, following 22 years of success in Singapore. This collaboration is significant given it is the first cross-border initiative in connecting India and Singapore's capital markets. "SGX Group will continue to provide international access to USD-denominated Nifty contracts, which has been re-christened GIFT Nifty starting July 3, 2023, alongside other SGX derivatives products," Janice Kan, Managing Director of Head of Markets Equities at SGX Group, told PTI on Friday. "Investors can trade and clear the Nifty contracts through SGX as they have been doing for more than two decades. Orders will be routed via the Connect to NSE IX for trade matching and executed trades will be cleared and settled on SGX," said Kan, an equity market veteran with over three decades of experience. Kan has seen through the .
The National Stock Exchange (NSE) on Tuesday said that SGX Nifty will be known as GIFT Nifty from July 3 as all orders of Singapore Exchange will be completely transferred to NSE IFSC bourse for matching. The exchange said that regulatory approvals have already been obtained from the Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA). "From July 3 onwards, all SGX orders will be 100 per cent transferred to GIFT City, NSE IFSC exchange for matching...SGX Nifty will be called GIFT Nifty from July 3," an NSE spokesperson said. NSE IFSC, a wholly-owned subsidiary of NSE, is an exchange at International Financial Service Center (IFSC) in GIFT City, Gujarat. Singapore Exchange (SGX), last month, announced that NSE IFSC-SGX Connect at International Financial Service Center in GIFT City will become operational on July 3 after the transition of SGX Nifty derivatives to NSE IFSC. The move will enable investors to trade in ...