On Wednesday, the Singapore Exchange and the National Stock Exchange of India said that the full operation of their international financial centre NSE IFSC-SGX Connect targets to be ready by the end of the second quarter of 2023.

Trading of SGX Nifty with NSE IFSC via Connect is expected to take place shortly after operations start, with dollar-denominated Nifty contracts traded only at NSE IFSC, the exchange operator said.

The collaboration, launched earlier this year, will enable orders from SGX members to be routed to NSE IFSC for trading and execution and cleared and settled through SGX Derivatives Clearing, they said in a statement. It added that 14 SGX clearing members had joined so far.

“This will be a major milestone in our more than 22-year partnership with SGX Group to strengthen the liquidity of the NSE IFSC Nifty contract,” NSE CEO Ashishkumar Chauhan said in the statement.