Release: 4853-03
For Release: October 20, 2003

CFTC Staff Allows National Stock Exchange of India, 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 October 17, 2003, permitting the offer and sale of the National Stock Exchange of India, Limited’s (NSE’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.