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Singapore Exchange promises new Indian derivatives

Singapore_ExchangeThe Singapore Exchange has promised new Indian equity derivatives in June to provide “continuity” after a surprise move by India threatened to stop all offshore derivative trading. Three Indian stock exchanges said in February they would end licensing arrangements that allowed foreign exchanges to trade derivatives based on Indian securities. The move was seen as an attempt to bring derivatives trading onshore, where Indian exchanges could enjoy the trading revenues. The newly launched Gujarat International Finance Tec-City (GIFT), which aims to be a financial hub for India’s capital markets, was expected to benefit. The Singapore Exchange (SGX) says its new products will allow investors to continue to manage their Indian risk exposures in India. According to reports, the new derivatives will not need the soon-to-be-banned live feeds since the prices of the products would be determined by the previous day’s prices. A statement from the Singapore Exchange also said that “work is ongoing to evaluate a joint trading and clearing model in GIFT city between the National Stock Exchange of India (NSE) and SGX to meet the risk management needs of international participants”. ©2018 funds global asia

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