Indian Exchanges Ban Data, Index Use for Overseas Derivatives

Three Indian stock exchanges have said they will immediately terminate data licenses that allow non-Indian exchanges and trading platforms to create derivates from their securities and indexes.

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On February 9, the National Stock Exchange of India, the Bombay Stock Exchange, and the Metropolitan Stock Exchange of India jointly announced that they would stop providing their data for the creation or settlement of derivative products traded on exchanges outside India, to combat migration of liquidity away from India. The exchanges say they have observed trading in derivatives and indexes based on Indian securities reach “large proportions in some of the foreign jurisdictions… which is not

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