Singapore stock exchange sued by India exchange in futures dispute

Bourse vs bourse: The Singapore Exchange Ltd (SGX) headquarters in Singapore. The National Stock Exchange of India is trying to stop SGX from launching derivatives that can replace the Nifty 50 contracts traded in the city-state for 18 years. — Bloomberg

SINGAPORE: The National Stock Exchange of India Ltd (NSE) sued Singapore Exchange Ltd (SGX) in a Mumbai court, escalating a dispute that threatens to leave international investors without one of the world’s most widely used offshore futures contracts.

NSE is trying to stop its Singapore counterpart from launching derivatives that could replace the Nifty 50 contracts that have traded in the city-state for 18 years. Global funds use these instruments to hedge their positions in one of Asia’s biggest equity markets. Indian exchanges ended agreements that allowed offshore derivatives in February, leaving SGX and others scrambling.