NSE IX – SGX GIFT Connect becomes Fully Operational

5 min read
NSE IX – SGX GIFT Connect becomes Fully Operational
NSE IX – SGX GIFT Connect becomes Fully Operational

NSE IX – SGX GIFT Connect becomes Fully OperationalNSE International Exchange (NSE IX) and Singapore Exchange (SGX Group) immediately introduced a powerful begin to the full-scale operations of the NSE IX-SGX GIFT Connect. Trading of the USD-denominated GIFT Nifty began this morning with an open curiosity of US$8.05 billion in Nifty futures and over US$1.05 billion open curiosity in Nifty Options from SGX’s worldwide shopper community. The first session recorded turnover of US$1.13 billion at 15:40 IST, demonstrating excessive confidence from world institutional buyers.

With India’s economic system projected to develop into the world’s third largest, Connect presents an revolutionary pathway for worldwide buyers to achieve publicity to India equities market. The GIFT Connect unifies each worldwide and home members, making a deeper liquidity pool, and an expanded shelf of Nifty merchandise for buyers. The buying and selling and matching of USD-denominated Nifty fairness derivatives will probably be in GIFT City and the clearing and settlement of the contracts will probably be managed by SGX in Singapore.

National Stock Exchange (NSE) and SGX Group have loved a long-standing relationship of greater than 22 years. Today, each exchanges have cast nearer ties to advertise cross-border cooperation between the 2 markets and discover different alternatives to develop new product choices.  The NSE IX-SGX GIFT Connect is likely one of the key developments for the mixing of GIFT City ecosystem with the worldwide monetary markets.  This will result in the event of vibrant and liquid markets for India entry merchandise at GIFT City with the benefit of entry to worldwide buyers.

We specific our honest gratitude to the Government of India, the Government of Singapore and Government of Gujarat, the Regulators International Financial Services Centers Authority & Monetary Authority of Singapore in addition to GIFT City authorities for his or her steady steerage and help to NSE IX and SGX Group for the profitable implementation of NSE IX-SGX GIFT Connect.

GIFT NIFTY contracts can be found for buying and selling for nearly 21 hours, which overlaps Asia, Europe, and US buying and selling hours.  Trading hours for Index Futures and Index Options are as follows:

SessionsIndex Futures Timings (IST)Index Options Timings (IST)
Pre-Open Open Time06:15 hrs.
Pre-Open Close Time06:25 hrs.
Normal Market Open Time06:30 hrs.06:30 hrs.
Normal Market Close Time15:40 hrs.15:40 hrs.
Pre-Close Open Time15:45 hrs.
Pre-Open Open Time16:25 hrs.
Pre-Open Close Time16:31 hrs.
Normal Market Open Time16:35 hrs16:35 hrs
Normal Market Close Time02:45 hrs. (Next Day)02:45 hrs. (Next Day)

Commenting on the event:

Shri. Injeti Srinivas, Chairman, of IFSCA, mentioned, “The NSE IX – SGX GIFT Connect is a basic demonstration of how two exchanges from two completely different jurisdictions can forge a mutually useful collaboration. The full migration of the re-branded GIFT-NIFTY to GIFT IFSC will consolidate the worldwide liquidity pool for Nifty merchandise within the NSE IX alternate and can reinforce GIFT-IFSC as a world hub for worldwide monetary services. 

Shri. Tapan Ray, MD & Group CEO, GIFT City, mentioned, “This vital growth not solely fortifies GIFT City’s stature as a fast-emerging world monetary hub, but in addition aligns impeccably with the visionary aspirations of Hon’ble Prime Minister, Shri Narendra Modi, to place India at a preeminent place in worldwide finance. It stands as a sworn statement to our unwavering dedication to onshore worldwide monetary companies actions from offshore, inside GIFT City’s realm.  The extension of buying and selling hours and the unique buying and selling of US dollar-denominated Nifty derivatives on NSE International Exchange will appeal to discerning world buyers whereas propelling financial progress at an accelerated tempo. By facilitating seamless entry to world markets and fostering a tradition of innovation, this momentous growth will undeniably catalyse India’s emergence as a vibrant monetary powerhouse.”

 Smt. Abigail Ng, Executive Director (Markets Policy & Infrastructure Department), MAS, mentioned, “We congratulate NSE and SGX Group on the full-scale operationalization of the NSE IX-SGX GIFT Connect. The robust begin to this landmark initiative is a testomony to the robust collaboration between each exchanges, and marks an thrilling new milestone within the rising monetary cooperation between India and Singapore in deepening the connectivity between our respective capital markets.” 

Shri. Ashishkumar Chauhan, MD & CEO, NSE mentioned, “Today’s shift of SGX Nifty buying and selling to Gift Nifty is a momentous event for Indian capital market as Gift IFSC is now the official gateway of India to the world so far as investments into India is anxious.  It has been an extended cherished dream which has come true on this auspicious event of Guru Purnima. We are pleased with this vital landmark with full scale operations of NSE IX – SGX GIFT Connect, with onshoring Nifty contracts to NSE IX.  The Connect becomes a symbolic occasion of alternative, innovation, and unparalleled entry between India and the world. We stay up for broaden our long-standing strategic partnership with SGX Group. It is a serious step ahead for India to be a ‘value setter’ of the monetary world, as envisioned by Hon’ble Prime Minister of India Shri Narendra Modi ji. This is the results of the meticulous preparation and onerous work of India and Singapore governments, regulators, each exchanges, and Gift City to make immediately a actuality.  Our dealer members and SGX members even have labored onerous to attain this landmark. I wish to thank everybody for his or her help and stay up for start this journey for a very long time.”

 Shri V. Balasubramaniam, MD & CEO, NSE IX, mentioned, “We are excited that the GIFT Connect between SGX Group and NSE IX is now absolutely stay, and we stay up for a win-win partnership. This may even herald the onshoring of offshore contracts on India’s Equity benchmark index. NSE IX will try to work with members throughout the globe to ship the best-in-class buying and selling, clearing, and settlement infrastructure. We are extraordinarily grateful to governments and regulators in each nations in serving to us obtain this Connect.”

 Shri. Loh Boon Chye, Chief Executive Officer, of SGX Group, mentioned, “We are excited to help worldwide buyers by facilitating entry to one of the crucial thrilling markets in Asia by way of a first-of-its-kind join for the Nifty. This has been a ground-breaking initiative since its inception, and we’d prefer to thank NSE and our companions in India for his or her unwavering dedication and help. We stay up for construct upon this collaboration to reinforce our choices to world buyers.” 

Shri Michael Syn, Senior Managing Director and Head of Equities, SGX Group mentioned, “Today marks a historic milestone within the longstanding partnership between SGX Group and NSE and the beginning of a tremendous new chapter for the Nifty. This revolutionary pathway delivers a unified liquidity pool, bringing collectively worldwide and home participation, and an expanded shelf of merchandise for worldwide buyers, setting the stage for larger progress within the Nifty. On prime of the Nifty, SGX gives worldwide buyers entry to all of Asia by our thrilling portfolio reminiscent of China, Japan, and climate-related merchandise and buyers can take pleasure in cross-margin and danger administration advantages throughout all merchandise.”

Mansi Praharaj

About Author