Nelson Chai, Chief Financial Officer and Executive Vice President of NYSE Euronext and a member of the NYSE Euronext Management Committee, today was appointed to the Board of the National Stock Exchange of India Limited (NSE).
NYSE Euronext owns a 5% equity position in the Mumbai-based NSE, the maximum investment currently permitted by a foreign investor in a stock exchange under the securities laws of India.
Joining a NSE Board meeting in Mumbai , India today, Mr. Chai said:
"This further underscores NYSE Euronext’s commitment to develop its business on an international scale, and, through a mutually beneficial partnership with the NSE, extend our global reach, by advancing our competitive position in India and throughout the region.”
The New York Stock Exchange, a subsidiary of NYSE Euronext (NYX) currently lists 12 companies from India . NSE is India 's largest exchange and ranks third globally by number of trades in the equities market. NSE provides a modern, fully automated screen-based trading system with nearly 40,000 trading terminals. NSE introduced trading in equity derivative products in 2000-01 and in this short span of time has become the largest exchange in single stock futures and ranks fourth in index futures globally. Its flagship index, the NIFTY 50, is used extensively by investors in India and around the world to take exposure to the Indian equities market. In 2006, the average daily traded value in equities was around USD $ 2 billion and the notional average daily traded value in equity derivatives was around USD $7 billion.
About NYSE Euronext
NYSE Euronext, a holding company created by the combination of NYSE Group, Inc. and Euronext N.V., commenced trading on April 4, 2007 . NYSE Euronext (NYSE Euronext: NYX) operates the world’s largest and most liquid exchange group and offers the most diverse array of financial products and services. NYSE Euronext, which brings together six cash equities exchanges in five countries and six derivatives exchanges in six countries, is a world leader for listings, trading in cash equities, equity and interest rate derivatives, bonds and the distribution of market data. Representing a combined $30.8 trillion/€22.8 trillion total market capitalization of listed companies and average daily trading value of approximately $127.0 billion/€94.0 billion (as of June 29, 2007), NYSE Euronext seeks to provide the highest standards of market quality and integrity, innovative products and services to investors, issuers, and all users of its markets.