SGX GIFT City Overview

SGX GIFT City Connect represents the collaboration between the National Stock Exchange of India (NSE) and the Singapore Exchange (SGX) to create a unified liquidity pool for NIFTY products in GIFT City (Gujarat International Finance Tech City).

SGX GIFT Exchange APIs

TT® supports the following:

  • Prices: FIX Market Feed
  • Orders: FIX Order Feed API

Note: At this time, TT only supports the exchange's FIX APIs. We do not support the exchange's DMA Order Feed/DMA Multicast Market Data Feed.

Matching Engine

The SGX GIFT City matching engine is located in Singapore.

Matching Algorithms

Prices at SGX GIFT City are determined through Price/Time Priority.

Market Depth

The exchange provides 5 levels of aggregated market depth.

Transactions Per Second (TPS)

The exchange enforces a 10 Transactions per Second (TPS) on each connection to the exchange. Once the TPS limit has been exceeded, each additional order transaction sent within the same second is rejected by the exchange with the following message in FIX Tag 58: NUMBER OF NNF REQUESTS EXCEEDED

To mitigate the Transactions Per Second (TPS) Limit and to avoid disruption of trading activity, TT recommends that users configure each connection with a Max Order Rate setting applied in Setup.

Refer to the Configuring a FIX Order Gateway Connection section in the Setup help.

Cancel on Disconnect/Order Cancellation at Connection Loss

TT supports the exchange's order on disconnect behavior. This feature is configured at the FIX user level at the exchange.

By default, the exchange automatically enables this feature for all new User APIs, however, TT suggests verifying this configuration with the exchange.

Users who prefer to have their orders remain in the market upon loss of connection should contact the SGX GIFT Project Team.

Unsupported Features

At this time, TT does not support the following features:

  • Operating Range (OPR) Display
  • The Operating Range (OPR) price display element of the exchange's “Price Check and Trade Price Protection” feature will be neither displayed in TTW nor included as part of FIX Adapter Security Downloads. Orders entered at prices outside of the OPR will simply be rejected by the exchange.

The FIX Market Data feed provided by the SGX Exchange's GIFT Connect Platform provides only partial trade update data. Because full reporting of every trade update is not provided, the following TT platform features are affected as follows:

  • Time & Sales is not supported
  • Volume-at-Price (VAP) is not supported
  • Charts and Analytics are not supported
  • Cumulative Quantity (CumQty)
  • TT Stop / TT If-Touched Orders with Trigger Price Type set to LTP may not trigger as expected.
  • Any TT order types (TT Time Duration, TT Volume Sliced, etc) that are configured with a Pre-Condition Trigger that has a Trigger Price Type set to LTP may not trigger as expected.

Note: For additional information on limitations on order types, refer to the SGX GIFT City Order Type Limitations section in the help.

In addition, the following features are not supported on the SGX GIFT City Platform:

  • Automatic Connection Failover from Primary to Secondary
  • Secondary connections may be activated only upon receipt of explicit instructions from the exchange. The exchange does not permit automatic failover to Secondary connections as they are reserved for emergency situations only.

Connectivity Options

The TT® platform provides connectivity to the exchange, so you do not have to contact the exchange regarding connectivity options. Refer to TT Access for more details about your connectivity options for connecting to TT.