Singapore Exchange Limited (SGX) today announced that it has received the Exchange of the Year, Asia 2007 Award from Energy Risk magazine, in recognition of SGX AsiaClear®'s contribution to the over-the-counter (OTC) energy derivatives market.
"Singapore Exchange is the deserving winner of Energy Risk's Exchange of the Year, Asia for answering an acute energy market need – efficient real time over-the-counter clearing in the form of SGX AsiaClear. The Energy Risk team was impressed with SGX's drive to educate the market and get maximum participation for the initiative. This has paid off with AsiaClear now having over 100 counterparties signed up," said Ms Stella Farrington, Editor, Energy Risk.
"We are pleased to have differentiated ourselves by playing a value-added role in the OTC market by bringing in more Asia-based counterparties, through active marketing and education efforts, to facilitate OTC trading while mitigating credit risks. Our customers, SGX OTC clearing members and OTC inter-dealer brokers deserve the credit for making AsiaClear possible," said Mr Seck Wai Kwong, Senior Executive Vice President, SGX.
SGX AsiaClear®, Asia's first and only over-the-counter clearing service for oil swaps and forward freight agreements, has secured over 100 counterparty accounts and exceeded US$1.3 billion in value of trades cleared since its launch in May 2006. It offers a unique value proposition of providing a 20-hour clearing network of Asia-based counterparties that facilitate pricing, trading and credit mitigation for the OTC energy and freight derivatives market. This offers more trading opportunities with less risks and greater efficiencies.
In its 11th year, the Energy Risk Awards, hosted by Energy Risk magazine, were created to recognise excellence among individuals and firms for 'best practices' in Energy Risk management. They showcase top class performance and innovation, award achievement and raise standards. This year, the awards have been expanded to promote excellence in the Asian marketplace. Candidates were vetted by Energy Risk's editorial panel plus an independent expert.
Energy Risk magazine is a leading energy magazine with a readership of more than 11,000 top industry executives worldwide.
