SINGAPORE, May 22 (Reuters) - Singapore Exchange Ltd (SGX) said on Tuesday the National Stock Exchange of India had applied for an interim injunction in an Indian court on SGX’s new derivatives products, but SGX plans to go ahead and list them next month. “We have full confidence in our legal position and will vigorously defend this action. Our clients can continue to trade per normal.” SGX said in a statement.
In April, SGX said it would list new Indian equity derivative products in June, a move which follows a decision by India’s three main bourses to stop licensing their indexes to overseas exchanges.
The Indian exchanges’ unexpected decision in February, was aimed at preventing share trading from moving abroad. (Reporting by Anshuman Daga; Editing by Edwina Gibbs)