Singapore Exchange seeks to defuse tensions over National Stock Exchange of India in futures dispute

SINGAPORE (Feb 12): Singapore Exchange extended an olive branch to its counterpart in India as it sought to defuse escalating tensions that threaten to kill an 18-year licensing partnership.

SGX will work with the National Stock Exchange of India “toward solutions for global investors,” according to a statement on Sunday. It also noted that the two companies’ partnership goes back to 2000 and that they had collaborated “to develop and internationalize India’s capital markets.”

The statement was a response to a dramatic move late Friday by India’s national exchanges, which said they would end all licensing agreements and stop offering live prices to foreign trading venues. The steps would make it impossible for SGX to keep offering derivatives based on India’s benchmark Nifty 50. The company introduced single-stock futures for the sub-continent’s largest companies on Feb 5. NSE officials had sought a delay of those products, people familiar with the matter said last month.

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