Singapore Exchange to continue SGX Nifty trade despite India dispute

MUMBAI : The Singapore Exchange (SGX) said on Saturday a court-appointed arbitrator had told it to continue listing and trading SGX Nifty contracts beyond August 2018, during a dispute resolution with India’s National Stock Exchange (NSE).

The two exchanges have been locked in dispute after India’s three main bourses unexpectedly announced in February they would stop licensing their indexes to foreign bourses from August.

SGX responded that it would launch successor products to its flagship Indian equity derivative products on June 4, reports Reuters.

Now NSE and SGX have been ordered “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.

The arbitrator has also asked SGX not to offer its proposed new India equity derivative products until the final decision, it said.

“Arbitration proceedings are continuing and the hearings on evidence are expected to commence in early 2019,” the statement said.

SGX had postponed the launch of a set of new India derivatives products after an Indian court in May referred a dispute around the proposed offerings to an arbitrator.