As part of the move, ION’s Fidessa trading platform is now certified for cash equities trading on BSE.

After completing the audit process, BSE has since certified Fidessa as compliant with all relevant exchange rules and regulatory standards, allowing exchange members to use the platform for equities trading on BSE.

Several top Indian brokers already use Fidessa to trade or for connectivity outside of India. As a result, this latest development will support the continued growth of Indian capital markets.

BSE was established in 1875 and serves as Asia’s oldest stock exchange, with more than 5,700 listings.

Meanwhile, Fidessa offers  order management, algorithmic trading and risk management, with a focus on simplicity, reliability, and automation

“ION is delighted that Fidessa is certified for equities trading on BSE,” said Robert Cioffi, global head of equities product management at ION Markets.

“Already established as a trusted market data vendor to brokers and exchanges in India, the partnership with BSE further strengthens ION’s position in the region, and unlocks Fidessa’s full capabilities for exchange members.”

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The real-time pricing data of the securities and indices listed on BSE was officially made available on the Bloomberg Terminal from last Thursday, 1 June.

David Tamburelli, global head of content acquisition at Bloomberg, highlighted how important BSE is within Chinese financial markets and praised the progress it has facilitated through increased transparency of operations and contributing to the increase in the number of listed companies and supporting data.

He added: “We are committed to the development of the capital markets in China and continue to see increased demand for BSE data. We are honoured to collaborate with the BSE as an international provider of their real-time data, giving global investors the access and visibility they need to efficiently invest in China.”

The BSE was launched in November 2021, and has since been an important platform in China, providing an increased pool of investor capital. It has a particular focus on assisting SMEs with their financing and development. According to the BSE, around 200 companies are listed on the exchange as of May 2023. Additionally, the number of qualified investors on the BSE is now more than five million.

Foreign investors trade stocks listed on BSE through either the Qualified Foreign Institutional Investors (QFIIs) or RMB Qualified Foreign Institutional Investors (RQFIIs) programs.

Long Haiyang, director of BSE executive office, said that through this collaboration with Bloomberg the BSE is able to offer diverse channels for global investors to access the exchange’s real-time data.

He explained: “As part of our role in promoting high-level opening up of the capital markets, BSE will continue to improve its market functionality and systems, while expanding international cooperation to support international investors as they invest in China to share the benefits of innovative development.”

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The exchange operator said in a statement that it had been notified of an application made by the NSE for an interim injunction on the products, although SGX plans to go ahead with the launch in June.

“SGX has a responsibility to provide risk management tools for our global clients and ensure there is no disruption to the marketplace,” Michael Syn, head of derivatives at SGX, commented. “Our new India equity derivative products are essential to enable institutional investors to maintain their current portfolio risk exposure to the Indian capital markets.”

SGX was forced to launch its own Indian futures products following the suspension of its market data and indices by three major exchanges in India, including the NSE.

NSE, Metropolitan Stock Exchange of India (MSEI) and the Bombay Stock Exchange said in a joint statement at the time that the data products licensed to foreign exchanges has led to a migration of derivatives trading from the country.

Last month, SGX announced it would launch the new derivatives products for Indian equities in June to replace the flagship Nifty futures, which was thrown into doubt following news of the termination of the licenses.

“We have, from the onset, expressed to NSE that there is a need to maintain liquidity in the international India equity derivatives market, in order to connect international participants to Gujarat International Finance Tec-City (GIFT) – International Financial Services Centre (IFSC),” Syn added.

“We remain open to working with NSE and other relevant stakeholders to develop a solution that meets the risk management needs of global market participants.”

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Three major Indian exchanges have said they will stop licensing their market data and indices to foreign investors, bringing the Singapore Exchange’s (SGX) flagship futures index into question.

The National Stock Exchange (NSE), Metropolitan Stock Exchange of India (MSEI) and BSE said in a joint statement the data products licensed to foreign exchanges has led to a migration of derivatives trading from the country.

SGX saw its shares plummet 7% at the time of print, following the news as the move casts doubt on one of its most traded futures contact, the SGX Nifty.

The exchange assured market participants in a statement that the license with NSE will ensure continuity of listing and trading of its Nifty products until at least August.

“SGX will develop and launch new India-access risk management solutions to allow global participants in SGX India equity index family of derivative products, to execute their investment activities with continuity,” SGX added. 

Some of the licensing agreements have been terminated with immediate effect raising alarms that trading on other exchanges could be disrupted.

“For various reasons the volumes in derivative trading based on Indian securities including indices have reached large proportions in some of the foreign jurisdictions, resulting in migration of liquidity from India, which is not in the best interest of Indian markets,” the exchanges said in the joint statement.

The Futures Industry Association (FIA), which represents derivatives trading firms globally, said the move has raised “serious concerns” for its members due to the possible sudden disruption of trading activity.

“We believe that accessible markets are essential for the optimal growth and development of liquidity and allow customers to hedge their risks and manage their exposures in the most efficient way possible,” FIA said. 

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