Episode 123: An Examination of the SGX-NSE Row and Esma Targets Reporting Platforms

On the podcast, Wei-Shen Wong, Waters’ Asia editor, joins to discuss the dispute unfolding between the Singapore Exchange (SGX) and India’s National Stock Exchange (NSE) over index licensing. Before that, though, Anthony and James look at how the European Securities and Markets Authority (Esma) has come down on reporting platforms, saying that the data they make available to the public is often not exactly in line with what the regulator wanted when it rewrote Europe’s trading rulebook. Esma v Reporting Platforms 2:00 What is the problem that Esma is looking to address? 3:15 What is Esma asking reporting platforms to do? 4:30 What are the main concerns for the reporting platforms? 6:00 What are politicians and market participants saying? https://www.waterstechnology.com/regulation-compliance/3672661/apas-under-pressure-as-esma-cracks-down-on-data-tangle NSE v SGX 10:30 Wei-Shen joins and begins by laying out the groundwork for how we got to this point, which started with the Securities and Exchange Board of India (Sebi) asking the three main exchanges in India to terminate their existing market data licensing agreements with foreign partners. https://www.waterstechnology.com/regulation-compliance/3672661/apas-under-pressure-as-esma-cracks-down-on-data-tangle 16:00 The resolution to this fight might have roots in a case that was settled a few years ago in the United States. https://www.waterstechnology.com/exchanges-trading-venues/3610416/singapore-exchange-hits-back-at-indias-data-pull 17:30 What happens next? 18:00 Sebi’s decision is viewed by some as a political move and by others as a last resort. Either way, there are concerns all around that its decision will not achieve the desired results. 20:00 What are the greatest concerns going forward? 22:30 MSCI is also not pleased about Sebi’s decision. Misc 24:00 Wei-Shen and Tony discuss their summer plans.