Standard & Poor's, the world's leading index provider and a subsidiary of The McGraw-Hill Companies, yesterday announced its decision to extend its license to the National Stock Exchange of India (NSE) to trade Indian rupee-denominated futures contracts of the S&P 500 and Dow Jones Industrial Average (DJIA).
As part of cross-listing arrangement, Nifty, NSE's benchmark index comprising India's 50 top blue-chip stocks, will be traded on CME.
S&P 500 is the world's most followed stock market index, while DJIA is the most closely-watched benchmark indices tracking the performance of the US industrial sector.
''Indian investors, like their counterparts around the world, want index products that provide immediate access to the world's equity markets,'' said 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 US equity market gauge, the S&P 500, to Indian investors,'' he added.
''Today's agreement with NSE is a significant milestone in the integration of Indian capital markets with global markets,'' Roopa Kudva, region head, South Asia, Standard & Poor's, and CEO of Crisil Ratings, which is majority owned by S&P.