BSE, NSE to stop trading of their indices on foreign bourses

India's stock exchanges to stop licensing index stock prices to foreign exchanges

Mumbai: India's three main stock exchanges said yesterday they would stop licensing their indexes and securities or providing data to foreign exchanges, saying such agreements had led trading to migrate outside of the country.

The Singapore Exchange (SGX), which offers the popular SGX Nifty 50 index futures, was busy soothing outraged market participants over the weekend.

That means foreign exchanges and trading platforms can no longer use the indexes and data for derivatives and they can no longer trade any existing derivatives. Under the contract NSE needs to provide a notice period of six months to SGX to terminate the agreement.

Issued hours after the markets closed for the day, it did not mention the SGX issue.

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Foreign markets now offer dollar-based derivative contracts based on Indian indexes, shares and other securities under licensing agreements with Indian exchanges, allowing overseas investors to gain exposure to Asia's third-largest economy without having to trade onshore. It is well suited for benchmarking, index funds and index-based derivatives.

"End of day and final settlement prices of securities shall be displayed on the exchange website and forwarded to media organisations, two hours after close of the market", the statement noted.

Prior to the launch by the Singapore exchange, NSE chief Vikram Limaye had flagged such a move would shift liquidity out of the Indian markets.

"Our licence agreement with NSE will ensure the continuity of listing and trading our Nifty suite of derivative products till August 2018 at a minimum", said SGX in the statement.

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