February 12, 2018 / 6:29 AM / in 6 months

BUZZ-India's BSE Ltd rises; to stop licensing agreements with foreign bourses

** India’s BSE Ltd rises as much as 1.96 pct to highest since Feb 8

** BSE, along with the National Stock Exchange and Metropolitan Stock Exchange of India, said on Friday they would stop licensing products and data to foreign exchanges such as Singapore Exchange Ltd (SGX)

** Actions raise hope Indian exchanges could see increased volumes in GIFT City, an international finance centre in the western Indian state of Gujarat

** GIFT City offers dollar-based derivatives contracts, low taxes and good infrastructure; is India’s attempt to compete against global exchanges for offshore investors

** Shares in Singapore Exchange Ltd (SGX), however, fall as much as 8.75 pct, their biggest intraday decline since Nov. 2008, on worries about lost revenue

** Analysts say move would especially affect SGX’s Nifty 50 index futures, which is the Singapore Exchange’s flagship Indian equity derivatives product and accounts for about 12 percent of its total derivatives trading volume

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