Friday, 30 November 2018

Bloomberg Introduces Real-time GIFT IFSC Derivatives Data for International Investors


Data feeds provided by India International Exchange and National Stock Exchange track equity, commodity and currency derivatives in India's first International Financial Services Centre

National, November 29, 2018 – Bloomberg today announced that real-time Gujarat International Financial Tec-City (GIFT City) feeds have been added to its terminal, giving international investors data for derivatives contracts listed on NSE IFSC Limited and India INX, a subsidiary of Bombay Stock Exchange. Denominated in USD, these contracts allow foreign investors to trade India's derivatives tax-free inside India's first International Financial Services Centre. The instruments can be found on the terminal at CEM BGC <GO> and CEM NGC <GO>.

“Global investors now have access to real-time GIFT IFSC Derivatives Data through the Bloomberg terminal, which will further our goal for GIFT IFSC to become a new hub for international financial services,” said Dipesh Shah, Head of GIFT IFSC. "Bloomberg's ability to reach a large community of influential global investors will help draw significant interest to this region. This is just the start of a long-term partnership that will only help to strengthen GIFT IFSC's international reach."

“We are pleased to work with Bloomberg to publish price feeds of NSE IFSC products including Indian stock derivatives, index derivatives, currency derivatives and non-agriculture commodity derivatives," said Ravi Varanasi, Chief Business Development Officer at National Stock Exchange (NSE), India’s largest stock exchange "This development will enable global investors to track the dollar denominated prices of NIFTY 50 contracts, which is among the world’s largest traded derivatives contracts. We anticipate strong demand from foreign investors for our products, well supported by GIFT IFSC's longer trading hours, ease of access, trading in USD and regulatory support.”

"We are delighted that Bloomberg becomes the first global data feed vendor for India International Exchange at GIFT IFSC," said V. Balasubramaniam, MD and CEO of India International Exchange (India INX). "This is an important milestone in our journey and will enable us to realize the vision set out by Honorable Prime Minister Shri Narendra Modi to become a price setter in financial instruments and a hub for raising capital for corporates across Asia and Africa.  As India INX trades for 22 hours and transact in USD, the live data price feed through Bloomberg will enable global investors to track our markets across all time zones and further their participation in our exchange and GIFT IFSC.”

Launched in 2007, GIFT City is India’s first international financial services center, $12 billion smart city and special economic zone developed in the Ahmedabad metropolitan region as a greenfield development. Currently, over 200 companies are operational with more than 8,500 employed at GIFT City, including India International Exchange, Tata Communications, State Bank of India, Oracle, Reliance Capital and Dubai Multi Commodity Centre. In July 2018, NSE IFSC, NSE's International exchange at GIFT City, crossed the USD 500 million mark in daily trading value while India INX recorded a peak daily trading value of USD 1.7 billion on September 26, 2018.
“As India's financial markets begin to accelerate, we want to ensure international investors have the right data to perform their investments,” said Gary Kotovets, Global Head of Data Acquisition and Data Management at Bloomberg. “Investors are naturally drawn to highly liquid markets and as GIFT IFSC becomes a key liquidity center for international firms, it was important that Bloomberg become the very first international market data vendor to provide investors with real time GIFT IFSC data through all of our products and services.”

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