Indian exchange warns indexer compilers to stay out of offshore dispute

(Feb 23): India’s biggest exchange operator, which cut ties with its international counterparts in an effort to rein in offshore derivatives, warned index compilers about involving themselves in the dispute.

Vikram Limaye, chief executive officer of the National Stock Exchange of India, said in an interview that his company’s relationship with MSCI depends on the New York-based firm telling its clients to not use its data for futures and options contracts based on Indian stocks.

His comments come after the NSE and two other bourses said they would end licensing and market data agreements with foreign exchanges, a move that shocked investors and threatens India’s international financial standing. MSCI said last week the termination was an anti-competitive step and warned that the nation’s market classification could change as a result.

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