London, 22 March, 2010 – Leading international law firm Mayer Brown has advised India’s National Stock Exchange (NSE) in a first-of-its-kind cross-listing agreement with the world’s largest derivatives exchange, Chicago Mercantile Exchange (CME).
The cross-listing will allow Indian investors to trade in U.S. indexes and expand CME’s footprint in emerging markets. As part of the agreement, Indian rupee-denominated S&P 500 futures contracts will be listed for trading on the NSE and in return CME will list U.S. dollar-denominated contracts on India’s S&P Nifty Index, India’s benchmark stock index for large companies.
The two exchanges will look to collaborate on development and distribution of other financial products and services, CME said.
Mark Prinsley, head of the Intellectual Property group at Mayer Brown, said: “This is the first US/Indian cross-listing arrangement. We were very pleased to be asked to represent NSE out of our London office. The transaction involved cross listing arrangements for stock price indices in which a number of parties have interests. The licensees will now be able to use the relevant indices to develop markets for new futures contracts to appeal to investors looking for global exposure. We have a strong India practice firm-wide, having worked on a range of India M&A, funds, capital markets and real estate transactions.”
The Mayer Brown team was led by Mark Prinsley, head of the Intellectual Property group, with Paul De Bernier, Corporate partner, and Mahisha Rupan, IP associate. NSE was also advised by FT Advisors.