NSE International Exchange unveils a New Identity for Gift Nifty
NSE International Exchange unveils a New Identity for Gift Nifty
The Economic Times
Gift Nifty to be accessible for trading for 21 hours on NSE IX from Jul 3
The Gift Nifty derivative contracts, which will start trading on the NSE International Exchange (NSE IX) from July 3, will be accessible for almost 21 hours --- longer than the time the SGX Nifty contracts were available on the Singapore Exchange. The Nifty derivative contracts that were traded on the Singapore Exchange have been moved to NSE IX, and renamed Gift Nifty.
These contracts are accessible for almost 21 hours, which overlaps Asia, Europe, and US trading hours, the exchange said as it unveiled the new identity of SGX Nifty. Gift Nifty offers a single pool of liquidity and venue to access dollar-denominated Nifty derivatives at NSE IX under the regulatory framework of the International Financial Services Center Authority (IFSCA), the exchange said.
The strategic initiative between NSE IX and SGX enables Gift Nifty orders from SGX members to be routed to NSE IFSC for trading and execution with clearing and settlement through SGX Derivatives Clearing.
To begin with, market participants can access Gift Nifty 50, Gift Nifty Bank, Gift Nifty Financial Services and Gift Nifty IT derivative contracts on NSE IX, and gradually other indices will be rolled out under Gift Nifty suite. “IFSCA aims to develop IFSC as a global gateway for inbound and outbound requirements of international financial services,” Injeti Srinivas, Chairperson, IFSCA, said.
Speaking on the unveiling of the new identity, NSE MD and CEO Ashishkumar Chauhan said Gift Nifty will act as a catalyst in achieving the vision for GIFT City to become a price setter for the largest traded instruments in the world.
IFSCA is planning to come up with a single-window clearance system as part of the efforts to promote the ease of doing business for foreign entities. Not only the clearance of IFSCA, but no-objection certificates given by other domestic regulators will also be made available through this single platform, Srinivas said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Updated on: 28/07/2023
