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SICOM has signed a contract with OMX to deliver an integrated trading and clearing system for trading and clearing of commodity derivatives.
Under the terms of the contract, OMX will be the system provider for the implementation and support of SICOM’s new integrated trading and clearing system. The system, a flexible and scalable exchange platform tailored for the commodity marketplace, is based on an open architecture with Straight-Through-Processing (STP) capabilities. The new system is scheduled to be operational in Q3 2008.
This is one of SICOM’s initiatives to attract more market participation and thereby establish an efficient marketplace for trading of commodity derivatives in Singapore. The new system provides easy access for market participants; either through their own proprietary order management system or through a web-based trading solution offered by SICOM.
“We are excited to have OMX as our preferred technology partner to deliver a new integrated trading and clearing platform for SICOM. Being an internet-based electronic platform, it will appeal to a wider market segment, who are keen to capitalize on the recent boom in commodity prices” said Lim How Teck, Chairman, Singapore Commodity Exchange. “The new system enables investors to easily access our market and also creates a foundation for the launch of new commodity derivatives contracts”.
“We are proud to deliver a technology platform that represents the first commodity exchange solution of its type to be provided by OMX in this important region. We look forward to working with SICOM on implementing a system that we are confident will not only grow their business, but also put them in the technology forefront among commodity exchanges in the world.” said Markus Gerdien, President Market Technology at OMX.
