GIFT Nifty clocks single-day turnover record of $8.5 billion

GIFT Nifty derivatives on NSE International Exchange (NSE IX) witnessed a record single-day trading activity of more than 2.14 lakh contracts with a turnover of $8.5 billion on Monday. 

This assumes significance as the traded contract volume and turnover value has witnessed a significant growth of over 530 per cent and 600 per cent, respectively, when compared to the first day full-scale operations volume of 33,570 contracts with a turnover of $1.21 billion. 

Interestingly, trading turnover on NSE IX has been growing exponentially since commencement of full-scale operation of NSE IX-SGX GIFT Connect (The Connect) from SGX to NSE IX on July 3. 

Since the first day of full-scale operations of The Connect, GIFT Nifty has witnessed a total cumulative volume of nearly 7.87 lakh contracts with total cumulative turnover of $30.28 billion.  

These volumes demonstrate the growing participation from international investors and attractiveness of this Connect arrangement, stated a release from the bourse. 

GIFT Nifty offers access to Gift Nifty 50, Gift Nifty Bank, Gift Nifty Financial Services and Gift Nifty IT derivative contracts on NSE IX.  

More importantly, these contracts are accessible for almost 21 hours, which overlaps Asia, Europe and US trading hours. Further, Gift Nifty offers a single pool of liquidity and venue to access dollar-denominated Nifty derivatives at NSE IX.   

NSE IX is an international multi assets exchange set up at GIFT City in June 2017, and is recognised by International Financial Services Centre Authority.  

NSE IX offers a diversified portfolio of products including Indian single stock derivatives, index derivatives, currency derivatives, depository receipts, commodity derivatives and global stocks.  

Further, the exchange provides a comprehensive range of primary market products including listing of equity shares, SPAC, REITs, InvITs, depository receipts, debt securities and ESG debt securities under the regulatory framework of IFSCA (Issuance and Listing of Securities) Regulations, 2021. 

NSE IX and GIFT NIFTY have received part 30 exemption from Commodity Futures Trading Commission (CFTC) under regulation 30.10, which enables US customers to participate in derivative contracts listed on NSE IX. 

“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,” added the release.

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