SINGAPORE: Derivative contracts with a notional value of about US$7.5bil traded in Singapore will shift to India as a cross-border trading link between the two Asian countries' top bourses gets fully operational today. SGX Nifty, the Singapore Exchange Ltd-traded futures on India's key equity NSE Nifty 50 Index, will be known as GIFT Nifty from today, and all outstanding orders will be transferred to the GIFT City, the new financial hub in the western Indian state of Gujarat. The switch from SGX to the NSE International Exchange at GIFT or Gujarat International Finance Tech-City also highlights partial success of the Prime Minister Narendra Modi-led administration's attempts to attract India-centric trading that had moved to global financial centers such as Dubai, Mauritius and Singapore to its shores.

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