India, Singapore Exchanges Eye Trading Link to Modi's Home State
- NSE said last week it would cancel licensing deal with SGX
- Efforts fit with Prime Minister Modi’s aim for onshore trades
A man rides an escalator past an electronic screen at the Singapore Exchange Ltd. headquarters in Singapore.
Photographer: Nicky Loh/Bloomberg
Singapore’s exchange may have a shot at keeping its lucrative India index futures, as long as it can meet the desire of Prime Minister Narendra Modi’s government to keep investor activity within the country’s borders.
The bourse is discussing a trading link with the National Stock Exchange of India Ltd. that would make Singapore a gateway to the NSE’s derivatives market in Gujarat, Modi’s home state, said NSE Chief Executive Officer Vikram Limaye. An agreement would allow Singapore Exchange Ltd. to replace some of the business it’s set to lose after NSE canceled a licensing deal that allowed derivatives linked to the Nifty 50 Index to trade in the city-state.