SGX shares opens near 7% lower on Nifty futures exit news

SINGAPORE (Feb 12): Shares in Singapore Exchange (SGX) opened at $7.40 -- nearly 7% lower than its Friday closing price of $7.89 -- following news that the Indian stock exchanges are intending to restrict the usage of Indian indices and market data by foreign exchanges, indices and data providers.   

The move will prevent SGX from continuing to offer derivatives based on India’s benchmark Nifty 50.

To recap, Singapore’s bourse on Sunday issued a press release in response announcing that it would take steps to maintain market continuity and develop other complementary products in light of the recent development.  

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