Standard & Poor's, the world's leading index provider, announced today that it has licensed the National Stock Exchange of India (NSE), the largest stock exchange in India, to create and list Indian Rupee-denominated futures contracts on the S&P 500 (subject to regulatory approvals).
The licensing agreement, jointly from S&P and S&P-licensee Chicago Mercantile Exchange to NSE, is part of a landmark cross-listing arrangement announced today by CME Group, the world's leading and most diverse derivatives marketplace, and NSE that covers benchmark indices for U.S. and Indian equities. The Rupee-denominated S&P 500 futures contracts will be made available on NSE via a sublicense from Standard & Poor's.
Widely considered the single best gauge of the U.S. equity market since it launch in 1957, the S&P 500 is the world's most followed stock market index with nearly $1 trillion directly indexed and $3.51 trillion benchmarked to it.
“Indian investors, like their counterparts around the world, want index products that provide immediate access to the world's equity markets,” says Alexander Matturri, Executive Managing Director at S&P Indices. “We are excited to be working with both NSE and CME Group to bring the premier U.S. equity market gauge, the S&P 500, to Indian investors.”
“Today's agreement with NSE is a significant milestone in the integration of Indian capital markets with global markets. It represents the first time that Indian investors will be able to directly trade the U.S. equity markets as defined by the S&P 500. It also underscores Standard & Poor's commitment to providing index solutions to all of Asia Pacific, since this is the first time that the S&P 500 will trade as a derivative on a non-US exchange,” adds Roopa Kudva, Region Head, South Asia, Standard & Poor's.
For more information about S&P Indices, please visit www.standardandpoors.com/indices.
About S&P Indices
S&P Indices, the world's leading index provider, maintains a wide variety of investable and benchmark indices to meet an array of investor needs. Over $1 trillion is directly indexed to Standard & Poor's family of indices, which includes the S&P 500, the world's most followed stock market index, the S&P Global 1200, a composite index comprised of seven regional and country headline indices, the S&P Global BMI, an index with approximately 11,000 constituents, and the S&P GSCI, the industry's most closely watched commodities index. For more information, please visit www.standardandpoors.com/indices.
About Standard & Poor's
Standard & Poor's, a subsidiary of The McGraw-Hill Companies (NYSE: MHP), is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research and data. With offices in 23 countries and markets, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for 150 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com.
Standard & Poor's does not sponsor, endorse, sell or promote any S&P index-based investment product.
Source: PR Newswire