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SGX to ‘vigorously defend’ action against India derivatives

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SGX has been notified by the National Stock Exchange of India (NSE) of an application made in the Bombay High Court for an interim injunction against its new India derivatives products.

SGX says it has full confidence in its legal position and will vigorously defend the action, and that clients should continue to trade as normal. The new India derivative products, which have received the relevant regulatory approvals, are scheduled to list in June 2018 and are designed to allow SGX clients to transition their India risk management exposures.
 
“SGX has a responsibility to provide risk management tools for our global clients and ensure there is no disruption to the marketplace,” says Michael Syn, Head of Derivatives, SGX. “Our new India equity derivative products are essential to enable institutional investors to maintain their current portfolio risk exposure to the Indian capital markets. We have, from the onset, expressed to NSE that there is a need to maintain liquidity in the international India equity derivatives market, in order to connect international participants to GIFT IFSC. We remain open to working with NSE and other relevant stakeholders to develop a solution that meets the risk management needs of global market participants.”

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