We are also pleased to announce that the official launch for the OTC clearing facility will be on 5 May 2006 and Mrs Lim Hwee Hua, Minister of State for Finance and Transport, will be gracing the launch ceremony.
Mr Seck Wai Kwong, Senior EVP and Head, Strategy and Business Development Group of SGX said, “We are delighted to partner with Platts, a leading international price assessment and benchmark provider for the energy markets, in the development of an OTC clearing facility for the oil industry. With the strong support from Platts, we seek to bring greater efficiencies to OTC oil market participants.”
Ms Victoria Chu Pao, President of Platts, a division of The McGraw-Hill Companies said, “Platts and SGX have built a longstanding partnership in enabling the Asian energy markets to operate with transparency and efficiency. We are pleased to broaden our relationship to support the needs of the derivatives markets.”
The SGX OTC Facility offers the clearing of oil derivatives, wet/tanker forward freight agreements and dry bulk forward freight. The list of products that can be cleared through the SGX OTC clearing facility is attached in Annex 1.
Click here for full details.
