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GIFT Nifty's first-month turnover: $57 billion

Aug 4, 2023

By: BlinkX Research Team

Data from the NSE IX reveals that July's figures surpassed those of preceding months. In June, 1.22 million contracts were traded with a turnover of nearly $32 billion. During its first month of operation, GIFT Nifty witnessed 1.47 million contracts traded, with a turnover exceeding $57 billion. On July 25, the exchange recorded its highest single-day turnover of $12.4 billion, with 314,921 contracts traded.

The rebranded GIFT Nifty, formerly known as the SGX Nifty, successfully shifted all derivative contracts, amounting to $7.5 billion, from Singapore to the NSE International Exchange at GIFT City. Dollar-denominated Nifty futures contracts were also moved to the NSE IX, discontinuing trading on the Singapore Exchange.

The NSE's statement attributes the growing participation of global investors to these impressive numbers. The GIFT Nifty provides access to various derivatives like GIFT Nifty50, GIFT Nifty Bank, GIFT Nifty Financial Services, and GIFT Nifty IT at the international exchange.

Trading at GIFT Nifty is available for 21 hours, catering to market hours in Europe, the US, and Asia-Pacific. The exchange operates two sessions, spanning from 6:30 am to 3:40 pm and from 4:35 pm to 2:45 am, targeting investors from the US and Europe.

In GIFT City, stock exchanges can trade in securities of any foreign currency, but not in the Indian rupee. The NSE IX permits trading members from India or overseas to establish shops at the IFSC through a subsidiary or branch. They can then trade in GIFT Nifty products on behalf of clients after obtaining membership of the NSE IX.

Content source: Media reports