MUMBAI • The Singapore Exchange (SGX) said yesterday a court-appointed arbitrator had told it to continue listing and trading SGX Nifty contracts beyond August, during a dispute resolution with India's National Stock Exchange (NSE).
The two exchanges have been locked in dispute after India's three main bourses unexpectedly announced in February that they would stop licensing their indexes to foreign bourses from August.
SGX responded that it would launch successor products to its flagship India equity derivative products on June 4.
Now NSE and SGX have been ordered "to facilitate the continued listing of SGX Nifty products for at least two successive contract month maturations beyond the arbitration's completion date", SGX said in a statement.
The arbitrator has also asked SGX not to offer its proposed new India equity derivative products until the final decision, it said.
"Arbitration proceedings are continuing and the hearings on evidence are expected to commence in early 2019," the statement said.
SGX had postponed the launch of a set of new India derivative products after an Indian court in May referred a dispute around the proposed offerings to an arbitrator.
In a statement issued yesterday, NSE also confirmed the interim order of the arbitrator.
Over the past two decades, SGX has become the most popular market for foreign investors to bet on Indian equity indexes, with Nifty 50 futures tracking the NSE's main index .
But NSE, BSE Ltd and Metropolitan Stock Exchange moved to end licensing deals with foreign bourses so as to stem the loss of trades to overseas rivals.