Indian bourses' gag order on price discovery

Three Indian stock exchanges have come together to announce they would stop feeding price data to foreign stock exchanges

It is an extraordinary and unprecedented measure. All the players in a market got together to execute an agreement. They issued a joint press release. A press release that read more like legislation than like a piece of commercial communication being sent to the market. The only three relevant Indian stock exchanges came together to announce that they would stop feeding price data to foreign stock exchanges.

“It is observed that for various reasons the volumes in derivative trading based on Indian securities including indices have reached large proportions in some of the foreign jurisdictions, resulting in migration of liquidity from