Gift Nifty derivatives on NSE International Exchange (NSE IX) witnessed a record first session single day trading activity on Monday. There were more than 214,000 contracts traded with a total value of $8.5 billion. The huge surge in trading activity is notable as on the initial day, there were only 33,570 contracts traded, with a total value of $1.21 billion which means that the derivatives trade increased by more than 530%, and the increased by more than 600%
The trading activity on the NSE IX has been growing rapidly since the commencement of the full-scale operation of NSE IX-SGX GIFT Connect (The Connect) from SGX to NSE IX on 3 July. The total cumulative volume of traded contracts from the first day of operations has reached a whopping 7,86,636 with a total cumulative turnover of $30.28 billion.
Attractiveness of Connect arrangement
The growth indicates the increase in participation from international investors and the attractiveness of this Connect arrangement, the exchange said in a statement.
Gift Nifty offers access to Gift Nifty 50, Gift Nifty Bank, Gift Nifty Financial Services, and Gift Nifty IT derivative contracts on NSE IX. These contracts are accessible for almost 21 hours, which overlaps Asia, Europe, and US trading hours.
Gift Nifty offers a single pool of liquidity and a venue to access USD-denominated Nifty derivatives at NSE IX.
The statement added, “Gift Nifty, which stands as a new benchmark to the growth story of Indian equity market, has witnessed a strong participation from international market participants. We express our sincere gratitude to all the participants for their overwhelming support since the commencement of full-scale operations.”
Gift Nifty serves as a major milestone to transform India into a global financial hub. It is the first initiative in connecting the capital markets of India and Singapore with Singapore shifting its exchange (SGX) to NSE International Exchange (NSE IX).
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Updated: 24 Jul 2023, 10:58 PM IST