India's National Stock Exchange (NSE) on Wednesday inked a letter of intent with the London Stock Exchange Group (LSEG) to evaluate business opportunities, including licensing and trading of key benchmark indices on each other's exchange.
"As part of the Letter, both exchanges declared their intent to explore the feasibility of an agreement whereby FTSE Group may licence the FTSE 100 Index to the NSE, and whereby the NSE may licence the S&P CNX Nifty (Nifty 50) to LSEG for the purpose of issuing and trading options and other index contracts," said a NSE statement.
The letter of intent was signed by Xavier Rolet, chief executive of LSEG and Chitra Ramkrishna, joint managing director of the NSE, in the presence of Britain's Chancellor of the Exchequer George Osborne.
"It also conveys the intention of both parties to evaluate other joint strategic opportunities,
such as allowing access to each other’s market as and when regulatory framework permits," the statement added.
Also, the two entities will explore the possibility of holding joint training and education courses and seminars with a particular focus on small and medium size enterprises.
"We are optimistic about India’s remarkable growth story and feel strongly that a business relationship with India’s leading stock exchange opens exciting investment opportunities for Indian investors in international companies, as well as giving international investors greater opportunities to participate in India’s growth," said Rolet.