Release: 4876-04
For Release: January 12, 2004

CFTC Staff Allows Singapore Exchange Derivatives Trading Limited’s Futures Contract Based on the Standard and Poors CNX Nifty Index to be Offered and Sold in the United States

WASHINGTON -- The U.S. Commodity Futures Trading Commission's (CFTC's) Office of General Counsel issued a no-action letter on January 7, 2004, permitting the offer and sale of the Singapore Exchange Derivatives Trading Limited’s (SGX-DT’s) futures contract based on the Standard and Poors CNX Nifty Index (S&P CNX Nifty) in the United States.

The S&P CNX Nifty is a broad-based, capitalization-weighted composite security index designed to be a benchmark index for the Indian stock market. As of March 31, 2003, the total market capitalization of the S&P CNX Nifty was U.S. $66.3 billion.

• For information on foreign exchange-traded security index futures contracts pending no-action approval with the CFTC's OGC, see the Foreign Instrument Approvals & Exemptions Backgrounder at www.cftc.gov/opa/backgrounder/opapart30.htm.

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Related Document
Foreign Instrument Approvals & Exemptions Backgrounder at www.cftc.gov/opa/backgrounder/opapart30.htm.