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Published on 22/09/2020 5:55:28 PM | Source: PR Agency

NSE and SGX progress on NSE IFSC-SGX Connect

Posted in Expert Views| #Stock Market #Expert Views #NSE #SGX

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Mumbai and Singapore, September 22, 2020: National Stock Exchange (NSE) and Singapore
Exchange (SGX) have entered into a formal agreement to cement the key terms for operationalising
the NSE IFSC-SGX Connect which will bring together international and Gujarat International Finance
Tec-City (GIFT) participants to create a bigger liquidity pool for Nifty products in GIFT City. Both NSE
and SGX will also withdraw the arbitration proceedings.

The two exchanges have recently received further regulatory clarifications from the relevant
authorities on the implementation of the Connect, since receiving consent from their respective
statutory regulators on the proposed Connect model last year. Both parties will continue to work with
key stakeholders to develop the infrastructure for the Connect and ensure member readiness prior to
its implementation.


Loh Boon Chye, Chief Executive Officer of SGX, said, “Building connectivity across international
platforms in Singapore and India will facilitate unfettered access for global market participants, and in
turn enhance investments and capital market flows between India and the world. As Asia’s pioneering
central counterparty, SGX will work with NSE and stakeholders to develop a connectivity infrastructure
that incorporates international best practices and creates new value for existing and new customers.
We deeply appreciate the continued support provided by the government and regulatory authorities
in India and Singapore. We look forward to broadening participation and deepening liquidity in Nifty
products for international participants, as part of the growth of GIFT City.”


Vikram Limaye, Managing Director and Chief Executive Officer of NSE said, “This Connect is one of the
key developments for the integration of GIFT City ecosystem with the international financial markets.
It would lead to development of vibrant and liquid markets for India access products at GIFT City with
the ease of access to international investors. Our collaboration with SGX is an important step towards
fulfilling the vision of Atmanirbhar Bharat as envisaged by our Honourable Prime Minister of India with
GIFT IFSC playing a much larger role in the global financial markets. The connect will broaden the
international and domestic participant base and further strengthen the capital market ecosystem in
GIFT city resulting in more broad based development across asset classes and capital raising activity. I
wish to thank the Government of India, SEBI, IFSC Regulatory Authority, GIFT City administrative
authorities and the government and regulatory authorities in Singapore for their guidance and
support.”


Shri Injeti Srinivas, Chairman, International Financial Services Centres Authority, ( IFSC Authority) said,
“The NSE-SGX Connect for funneling trading in NIFTY Products at SGX to GIFT IFSC is an important joint


financial market initiative by India and Singapore. This will certainly give a boost to the IFSC Eco System
and promote larger participation in IFSC. The connect creates a win-win situation for both sides, which
makes it possible to have a sustainable and growing partnership between NSE IFSC and SGX”

 

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