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Singapore Exchange, NSE to launch offshore Indian sector futures

Reuters
A Singapore Exchange (SGX) sign sits outside its premises at the central business district in Singapore, January 18, 2016. REUTERS/Edgar Su/Files

MUMBAI (Reuters) - The Singapore Exchange (SGXL.SI) along with the National Stock Exchange will list four sector-specific India futures contracts, a first for such derivatives, a statement said on Tuesday.

Singapore Exchange plans to list SGX Nifty Bank Index Futures, SGX Nifty IT Index Futures, SGX Nifty CPSE Index Futures and SGX Nifty Midcap 50 Index Futures, based on indices of NSE's group company India Index Services & Products Ltd (IISL).

The SGX Nifty IT Index Futures and SGX CPSE Index Futures will launch on March 29, followed by SGX Nifty Bank Index Futures and SGX Nifty Midcap 50 Index Futures in mid 2016, the release stated.

At present, the Singapore Exchange provides offshore equity trading opportunity on SGX Nifty 50 Index Futures, which is based on India's Nifty 50 index.

(Reporting by Neha Dasgupta; Editing by Sherry Jacob-Phillips)