French and Singapore Derivatives Markets Sign Cross Exchange Agreement
Date 02/12/1999
ParisBourse SBF SA and the Singapore Exchange's Derivatives Trading division yesterday signed, in Singapore, a Cross Membership and Cross Access Trading Agreement to allow its trading members to obtain membership in each other's Exchange for the purpose of cross-exchange trading in all electronically-listed products on both markets, via a single access.
This signing of the Agreement coincides with the inauguration of Singapore Exchange, the first integrated, demutualised securities and derivatives exchange in the Asia-Pacific region.
It is a step forward in the implementation of cooperation between the two demutualised exchanges. The signing of this agreement takes place a few days following the signature of an agreement between the French and the Singapore regulatory authorities - the Commission des Opérations de Bourse (COB) and the Monetary Authoritiy of Singapore (MAS).
ParisBourse SBF SA and the Singapore Exchange Derivatives Trading are both members of GLOBEX® Alliance, the worldwide network of derivatives markets created in February 1999 that include the Chicago Mercantile Exchange, the Montreal Exchange and BM&F, the
Brazilian futures market.
« The Singapore Exchange Derivatives Trading is pleased to formalise the Agreement that would enable our members a broader range of international products to trade and offer their customers. » Singapore Exchange's President Ang Swee Tian said. Mr. Ang also said that the extension of similar cross-exchange access rights to all GLOBEX® Alliance exchanges will widen the global reach of our Exchanges and deepen the liquidity of our markets.
« This agreement is a new contribution to GLOBEX® Alliance the first worldwide network linking markets and covering the three major times zones » PARISBOURSE SBF SA chairman Jean-François Théodore said. « I am particularly pleased to announce it on the day of the inauguration of Singapore Exchange, the first integrated and demutualised securities and derivatives exchange in the Asia Pacific region ».
