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Business News/ Markets / Stock Markets/  Singapore Exchange opens office in Gift City, NSE-SGX Connect may start in Jan
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Singapore Exchange opens office in Gift City, NSE-SGX Connect may start in Jan

SGX said that the National Stock Exchange of India (NSE) in India has helped it to facilitate the establishment of the exchange’s presence in Gift City.

The SGX has launched SGX India Connect IFSC Pte Ltd and announced upcoming launch of Gift Data Connect.Premium
The SGX has launched SGX India Connect IFSC Pte Ltd and announced upcoming launch of Gift Data Connect.

Singapore Exchange (SGX) has opened its office in Gujarat International Finance Tec-City (Gift City) on Friday. The SGX has launched SGX India Connect IFSC Pte Ltd and announced upcoming launch of Gift Data Connect.

The Gift Data Connect will enable SGX’s international members to access real-time trading data of Nifty contracts via their derivatives trading platform, giving investors insights into India’s equity market. Full operation of the NSE – IFSC SGX connect at GIFT city is expected to start around the Vibrant Gujarat Summit likely to be held in January 2022.

SGX said that the National Stock Exchange of India (NSE) in India has helped it to facilitate the establishment of the exchange’s presence in Gift City.

“Through Gift Data Connect, global investors can keep a finger on the pulse of India’s equity market, with real-time access to Nifty trading data and unrivalled insights into one of the world’s most exciting opportunities. This innovative link will bring our capital markets together with greater trust and efficiency," an official statement said.

Vikram Limaye, managing director and chief executive officer, NSE said that the launch of the Market Data Connect has brought a step closer towards operationalising the NSEIFSC SGX Connect at Gift IFSC. “This Market Data Connect will allow the SGX members to read the price data of Nifty derivative products at NSEIFSC in real time which will help them to fine tune their trading strategies in preparation for the connect to go live," he said.

Limaye informed that teams are working closely to setup the Connect infrastructure to ensure smooth transition of trading in Nifty derivatives to NSEIFSC. “In this endeavour we are engaging with SGX and NSEIFSC members and international participants for seamless trading access in Gift City.

“With mutual growth and liquidity as our focus, we are working together to serve market participants around the world and create value for our customers. We are delighted that Gift City, India’s first IFSC, shares our ambition to drive capital flows and economic growth. GIFT City has embarked on many initiatives to establish itself as a regional hub for international financial services, and a leading gateway for global capital flows into and out of India," said Loh Boon Chye, CEO, SGX.

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Published: 22 Oct 2021, 07:01 PM IST
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