Nifty Futures & Options (F&O) contracts traded on the Singapore Exchange (SGX) would be replaced by GIFT Nifty after its switch to the GIFT IFSC in GIFT City, Gandhinagar, the NSE International Exchange (NSE IX) announced on June 19. 

Under the International Financial Services Center Authority (IFSCA) regulatory framework, NSE IX will offer dollar-denominated Nifty derivatives. The GIFT Nifty orders placed by SGX members will be routed to NSE IX for trading and execution with clearing and settlement through SGX Derivatives Clearing.

Nifty Contracts on the SGX that currently have 16-hour trading sessions will cease on June 30. The entire volume would be shifted to the GIFT Nifty F&O contracts. Its trading will commence on July 3 with a trading time of 21 hours spread between two sessions.  

The first session would be 9 hours long, starting from 6:30 am IST to 3:30 pm IST. After a 15-minute break, a second 12-hour session will begin at 3:45 pm IST and continue till 2:45 am IST the next day. The trade timing overlaps the trading hours of Asia, Europe, and the US.

NSE IX will begin full-scale operations on July 3. Initially, the derivatives contracts for GIFT Nifty 50, GIFT Nifty Bank, GIFT Nifty Financial Services, and GIFT Nifty IT on NSE IX will be available, with other indices gradually rolling out.