SGX-NSE talks for cross-border trading fall apart

The exchanges couldn't agree on issues such as timing, regulation, and resources.

Bloomberg reports that the talks for a cross-border trading link between the Singapore Exchange (SGX) and National Stock Exchange of India (NSE) have fallen apart.

Unnamed sources said that the two exchanges couldn't agree on issues including timing, regulatory guidelines, and the resources required for the project. The partnership would have seen Singapore traders buy and sell derivatives on exchanges in the Gujarat tax-free zone known as Gift City.

SGX, as it had previously said, is “still exploring a solution that would bring the liquid international market directly into GIFT city, in a way that meets our clients’ regulatory requirements while growing the overall market.”

This followed the NSE's move to apply for an injunction against the products SGX was planning to launch after NSE, along with two other exchanges in India, decided to halt the licencing of data for offshore derivatives which are linked to their domestic indices.

Read the full report here.