INSUBCONTINENT EXCLUSIVE:
SINGAPORE: The Singapore Exchange (SGX) today said the arbitrator has allowed the bourse to continue the listing and trading of SGX Nifty
contracts beyond August 2018.
As part of ongoing arbitration proceedings, SGX and India Index Services and Products Ltd (IISL) were directed
by Order dated June 14, 2018, passed by the Learned Arbitrator, to facilitate the continued listing of SGX Nifty products for at least two
successive contract month maturations beyond the arbitration's completion date, SGX said in a statement today.
SGX has been directed to
refrain from offering new India equity derivatives products such as those announced on April 11, 2018, in accordance with the
Order.
Arbitration proceedings are continuing and the hearings on evidence are expected to commence in early 2019, said SGX, adding that it
will provide updates to the market in due course.
IISL, the National Stock Exchange (NSE)'s index company, was granted an interim injunction
against the launch of SGX's new India derivatives products.
SGX has been engaged in proceedings in the Bombay High Court since 23 May
2018.
The SGX Nifty contracts were to trade until August, as contractually provided for under SGX's licence agreement with IISL
Three Indian bourses, National Stock Exchange, BSE and Metropolitan Stock Exchange of India, in February announced stopping immediately the
trading of indices of Indian securities on foreign bourses as part of a joint effort to stymie migration of liquidity to overseas
markets.
The move came after Singapore Stock Exchange (SGX) launched trading in single-stock futures in 50 of India's top companies that are
