Singapore Exchange (“SGX”) is pleased to announce that 10 General Clearing Members
have confirmed their participation in the SGX Over-The-Counter (“OTC”) Clearing
business. This is in line with the SGX’s plans to launch the SGX OTC Clearing Facility in
the first quarter of 2006 for the clearing of energy derivatives and forward freight
agreements (“FFA”).
These SGX General Clearing Members will be actively partnering with SGX and the oil
and shipping industries to provide SGX OTC Clearing services. They include:
- ABN AMRO Futures (Singapore) Limited
- Barclays Capital Futures (Singapore) Private Limited
- DBS Vickers Securities (Singapore) Pte Ltd
- Fimat Singapore Pte Ltd
- Fortis Clearing Singapore Pte Ltd
- Goldman Sachs Futures Pte Ltd
- HSBC Futures (Singapore) Pte Ltd
- Mizuho Futures (Singapore) Pte Ltd
- Refco (Singapore) Pte Ltd
- UOB Bullion & Futures Limited
“We are very pleased to have received good support from this first group of SGX OTC
General Clearing Members who are related to major financial institutions. With these
Members and a close partnership with the inter-dealer brokers and industry, SGX seeks
to add value and facilitate more participation and risk management activities in the Asian
OTC energy and FFA markets,” said Mr Benjamin Foo, Senior Vice President and Head
of SGX OTC Clearing Business.
The provision of a central counterparty facility in clearing energy derivatives and FFAs
would allow market participants to benefit from reduced counterparty risk and the
efficiency of multilateral position netting under a single clearing agreement.
