BENGALURU (Reuters) -The Singapore Exchange and the National Stock Exchange of India said on Wednesday the full-scale operation of their international financial centre, NSE IFSC-SGX Connect, is targeted to be ready by the end of the second quarter of 2023.
The transition of trading of SGX Nifty to NSE IFSC through the Connect was expected to take place shortly after the operations begin, with dollar-denominated Nifty contracts to be exclusively traded on the NSE IFSC, the exchange operators said.
The collaboration, launched in July earlier this year, would enable orders from the SGX members to be routed to NSE IFSC for trading and execution with clearing and settlement through SGX Derivatives Clearing, they said in a statement, adding that so far 14 SGX Clearing members have been onboarded.
"This shall be a key milestone in our partnership of more than 22 years with SGX Group to consolidate liquidity in Nifty contracts at NSE IFSC," NSE Chief Executive Ashishkumar Chauhan said in the statement.
(Reporting by Rama Venkat in Bengaluru; Editing by Maju Samuel)