The National Stock Exchange (NSE) and the Singapore Exchange (SGX) have entered into a formal agreement to cement the key terms for operationalising the ‘NSE IFSC-SGX Connect’, which will bring international and Gujarat International Finance Tec-City (GIFT) participants together to create a bigger liquidity pool for Nifty products in GIFT City. Both NSE and SGX will also withdraw the arbitration proceedings, stated an official release on Tuesday.
Vikram Limaye, Managing Director and Chief Executive Officer of NSE, said, “This Connect is one of the key developments for the integration of GIFT City ecosystem with international financial markets. It would lead to development of vibrant and liquid markets for India access products at GIFT City with the ease of access to international investors.”
Both parties will continue to work with key stakeholders to develop the infrastructure for the Connect and ensure member readiness prior to its implementation, the release added.