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SGX Nifty to trade beyond August 2018

Court orders SGX not to offer new equity derivatives

Singapore Exchange

Singapore Exchange

 

Trading of SGX Nifty contracts have been extended beyond August 2018 on Bombay court order where the Singapore Exchange (SGX) and National Stock Exchange (NSE) of India are locked in a legal case.

As part of ongoing arbitration proceedings, SGX and India Index Services and Products Ltd (IISL) were directed by Order dated 14 June 2018 passed by the Learned Arbitrator, to facilitate the continued listing of SGX Nifty products for at least two successive contract month maturations beyond the arbitration’s completion date, said SGX on 16 June 2018.

IISL, the National Stock Exchange (NSE)’s index company, was granted an interim injunction against the launch of SGX’s new India derivatives products.

SGX was also directed to refrain from offering new equity derivatives products related to Indian companies by the Bombay High Court.

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

SGX has been engaged in proceedings in the Bombay High Court since 23 May 2018.

Originally, the SGX Nifty contracts were to trade until August 2018, as contractually provided for under SGX’s licence agreement with IISL.

The Singapore bourse said it will provide updates to the market in due course. fii-news.com

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