NSE, together with other Indian markets, said on Friday night that they would end all licensing agreements with their foreign counterparts, and stop offering live prices to overseas venues. The steps would make it impossible for SGX to keep offering derivatives based on India’s benchmark Nifty 50, among its flagship products.
Singapore has become a hub of offshore trading for many markets. The significance of India’s move was highlight by several analyst notes published after India’s announcement, with at least three banks cutting their rating on the exchange operator’s stock. The company’s shares fell as much as 8.8 per cent in early trading, and saw the biggest decline on the benchmark Straits Times Index.
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