SGX: NSE IFSC-SGX fully operational by Q2 23

The SGX Group and the India stock exchange rolled out the Connect on 29 July.

The NSE IFSC-SGX Connect will start its full-scale operations by the end of the second quarter of 2023 several months after it was launched this year.

In a joint press release, the Singapore Exchange (SGX) and the National Stock Exchange of India said the transition of trading of SGX Nifty to NSE IFSC through the Connect will be effective shortly "with dollar-denominated Nifty contracts to be exclusively traded on NSE IFSC."

The Connect allows orders from SGX members to be deployed to NSE IFSC for trading and execution with evaluation through SGX Derivatives Clearing, SGX's wholly-owned subsidiary which clears products listed on the bourse.

"An enhanced Connect infrastructure to support full-scale Nifty trading via the Connect is expected to be delivered by TCS in early 2023," read the statement.

Currently, 14 SGX Clearing Members have been onboarded and will continue to onboard the remaining members progressively.

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