Sydney Futures Exchange Sets-Up Communication Hubs In World Centres

The Sydney Futures Exchange (SFE) is expanding its network of international communication hubs, giving customers around the world direct trading access to SFE's markets. Communication hubs allow SFE Member firms and their approved affiliates located around the globe to connect to SFE's markets via their SYCOM® electronic trading terminals. From today, Monday 13 December, customers of two SFE Member firms in Hong Kong and two Member firms in Tokyo can begin trading SFE products via SYCOM® screens connected to communication hubs. The hubs were established in both major Asian centres on 29 November. A communication hub in London became operational in July 1999. Seven SFE Member firms have SYCOM® screens connected to it. Similar hubs have been established in Wellington and Auckland, New Zealand. SFE plans to have hubs in New York and Chicago operational by the end of the first quarter 2000. SFE is one of only four exchanges in the world, and the only stock or futures exchange in the Asia Pacific, to be granted approval from the Commodity Futures Trading Commission to set-up foreign trading terminals in the USA. SFE's ability to build a network of international communication hubs has been supported by its move to full electronic trading on 15 November 1999. A fully electronic exchange allows SFE to reduce the costs of trading, operate 24 hours a day, expand the distribution of its products and participate in global alliances. SFE has had 10 years experience with electronic trading. Its SYCOM® system, first introduced in 1989 as an after hours electronic trading platform, celebrated its 10th anniversary of operation on 30 November 1999. Expanding SFE's international customer base builds liquidity and improves the efficiency of SFE's markets. The more that customers seek risk management and investment instruments in Sydney, the stronger Australia's case to become a global financial centre.