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Gift On Monday, the first session of trading for Nifty derivatives on the NSE International Exchange (NSE IX) set a new single-day trading volume record. More than 214,000 contracts worth a total of $8.5 billion were exchanged. On the first day, there were only 33,570 contracts traded with a total value of $1.21 billion, indicating the volume of derivatives trade rose by more than 530 percent.
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Since the full-scale operation of the NSE IX-SGX GIFT Connect (referred to as “The Connect”) began on July 3rd; trading volume on the National Stock Exchange International Exchange (NSE IX) has increased significantly. The overall volume of traded contracts since the inception of operations has reached a significant figure of 786,636, with a cumulative turnover of $30.28 billion.
According to a statement released by the exchange, the observed development signifies a rise in the involvement of international investors and the appeal of the Connect arrangement.
Gift Nifty provides users with the opportunity to access derivative contracts related to Gift Nifty 50, Gift Nifty Bank, Gift Nifty Financial Services, and Gift Nifty IT on the NSE IX platform. These contracts are available for a duration of approximately 21 hours, encompassing trading hours in Asia, Europe, and the United States, so resulting in overlapping time periods.
Gift Nifty provides a unified source of liquidity and a platform for accessing Nifty derivatives denominated in USD at NSE IX.
The statement continued, “Gift Nifty, which serves as a new benchmark for the Indian equity market’s growth narrative, has attracted a large number of international market participants. Since the commencement of full-scale operations, we extend our genuine appreciation to all the participants for their overwhelming support.
Gift Nifty is a significant step towards transforming India into a global financial centre. It is the first initiative to link the capital markets of India and Singapore, with Singapore moving its exchange to NSE International Exchange (NSE IX).
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