Serious [ Singapore News ] Beware of Indian : Singapore Stock Exchange SGX Sued By Indian Cobra Snakes

[grandtour]

https://www.straitstimes.com/busine...ication-from-national-stock-exchange-of-india

SGX faces interim injunction on its new India equity derivative products

A guard walks past the NSE (National Stock Exchange) building in Mumbai, India on Feb 9, 2018. PHOTO: REUTERS

Published
1 hour ago
Marissa Lee

SINGAPORE - The Singapore Exchange (SGX) said on Tuesday (May 22) that it had been notified by the National Stock Exchange of India (NSE) of an application made in the Bombay High Court for an interim injunction on its new India equity derivative products.

SGX shares fell 2.09 per cent to $7.48 as at 10.20am after a trading halt was lifted at 10.15am.

It had earlier announced plans to list the new derivative products in June.

The products were intended to replace SGX's popular Nifty 50 index futures, following a decision by India's stock exchanges in February to stop supporting offshore derivatives linked to their benchmark indices so as to prevent trading volumes from moving overseas.

Unlike its Nifty family of products, the SGX said the new products are not tied to the Nifty licence agreement with the NSE, which will be terminated around August.

In a statement on Tuesday, the SGX said it had full confidence in its legal position and would vigorously defend its action.

It added that its new India derivative products have received the relevant regulatory approvals and will list in June so that SGX clients can seamlessly transition their India risk management exposures.

Michael Syn, head of derivatives at the SGX, said in a statement: "SGX has a responsibility to provide risk management tools for our global clients and ensure there is no disruption to the marketplace. Our new India equity derivative products are essential to enable institutional investors to maintain their current portfolio risk exposure to the Indian capital markets.

"We have, from the onset, expressed to NSE that there is a need to maintain liquidity in the international India equity derivatives market... We remain open to working with NSE and other relevant stakeholders to develop a solution that meets the risk management needs of global market participants."

The Indian media had reported earlier this year that concerted efforts by the Indian exchanges to eventually halt the trading of offshore derivatives tied to India's benchmark indices such as the Nifty 50 are meant to address concerns that foreign exchanges were becoming price-setters for Indian securities.


Topics:

• SGX
• INDIA

 

[grandtour]

Indian Snakes break the original contract agreement, SGX replace it with its own, now Indians want to sue

https://www.sammyboy.com/threads/si...learn-lesson-with-indian-cobra-snakes.250905/

 

[congo9]

It is better for Singapore to colonize India and make them our colony. We can use law ISD on them if they are too troublesome. Indians need to be controlled and leash on by another more powerful Aryan Race.

It is none other then PAP. The Superior bred gene from South East Asia. The King of all Kings.

 

[grandtour]

https://www.bloomberg.com/amp/news/...change-sues-singapore-bourse-to-halt-products

Biggest India Stock Exchange Sues Singapore Bourse

May 21, 2018, 10:10 PM EDT Updated on May 22, 2018, 1:27 AM EDT

• National Stock Exchange of India seeks interim injunction
• Singapore Exchange says it has confidence in legal position

Elevators travel next to electronic boards at the National Stock Exchange of India. Photographer: Dhiraj Singh/Bloomberg


The National Stock Exchange of India Ltd. sued Singapore Exchange Ltd. in a Mumbai court, escalating a dispute that threatens to leave international investors without one of the world’s most widely used offshore futures contracts.

NSE is trying to stop its Singapore counterpart from launching derivatives that could replace the Nifty 50 contracts that have traded in the city-state for 18 years. Global funds use these instruments to hedge their positions in one of Asia’s biggest equity markets. Indian exchanges ended agreements that allowed offshore derivatives in February, leaving SGX and others scrambling.

“This is a big mess,” said David Shin, Asia head of global equity derivative sales at TD Securities in Singapore. “I can’t see how SGX would go through with the launch when this is in the air. There’s a lot of gray here, because if investors do trade the new contract knowing this legal case is out there, is there legal liability that cuts through to the investors of the new contracts?”

SGX, which announced the NSE’s legal action in a statement on Tuesday, said it has “full confidence” in its legal position and would “vigorously” defend itself.

The Singapore bourse’s stock tumbled on news of the lawsuit, falling the most since April 4. The Mumbai court is expected to hear the case on Wednesday, according to people with knowledge of the matter who asked not to be named because the details aren’t public.

Officials at the Registrar General Of Bombay High Court were not immediately available for comment when reached on the office line.

Investor Impact

“Investors having existing positions in SGX will be affected if the Mumbai court stays the start of the contract,” said Devansh Lakhani, director at Lakhani Financial Services in Mumbai. “Investors with outstanding positions may have to book losses if they aren’t able to rollover to the new contract.”

NSE spokesman Debojyoti Chatterjee declined to comment. The exchange’s move is another ratcheting up of tensions between bourses in India and Singapore amid efforts by the former to keep trading onshore.

 

[grandtour]