Arbitration begins in NSE-SGX matter
The high powered arbitration in the matter of the National Stock Exchange (NSE) and Singapore Exchange (SGX) commenced on Saturday, people close to the development said.
The matter is related to a dispute between the NSE and SGX over the latter's plan to launch Nifty-based products in June.
The arbitration in the NSE-SGX case commenced before Justice Vazifdar, they said.
Last month, the Bombay High court had barred SGX from launching new India derivative products and referred the case to arbitration — to which the Singapore bourse agreed.
It is believed that the Indian exchange in its argument said that the new products of SGX are identical to the existing ones and based on the very same underlying. In fact, every feature of the products and the terms of the products are identical.
The exchange also said that existing exposure and open positions are openly being sought to be migrated to the new products, showing homogeneity, according to people close to the development.
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