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BSE refutes reports of legal action against SGX

BSE refutes reports of legal action against SGX
PTI
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First Published: Wed, Jan 19 2011. 07 57 PM IST
Updated: Wed, Jan 19 2011. 07 57 PM IST
Mumbai: Stressing that both the bourses share a strong and long-standing relationship, the Bombay Stock Exchange (BSE) on Wednesday called reports of it planning legal action against the Singapore Exchange (SGX) as “inaccurate”.
The two bourses in a joint statement said news reports published on Wednesday about BSE planning to take legal actions against SGX were inaccurate and without basis.
The clarification comes amid reports that BSE could sue SGX for launching Nifty options, breaching terms of an agreement through which the Singapore bourse acquired a 5% stake in the former in 2007.
Further, the statement noted that the investment agreement in 2007 “clearly contemplates the launch of Nifty-related products, including Nifty options, by SGX.”
“SGX has a strong and long-standing relationship with the BSE... Both the exchanges are in dialogue on various business areas, exploring opportunities that are mutually beneficial to both markets,” it said.
Options based on S&P CNX Nifty are expected to start trading on SGX from next month.
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First Published: Wed, Jan 19 2011. 07 57 PM IST
More Topics: BSE | SGX | Nifty Options | Money Matters | Equities |