Based on a global financial messaging interface standard, Financial Information exchange (FIX) 4.2, SGXAccess will give members the flexibility to buy or develop their own Order Management Systems (OMS), on top of the exchange's SESOPS terminals. This flexibility means that members can locate their trading terminals outside Singapore.
Thomas Kloet, CEO of SGX said, "SGXAccess is key to SGX's international development and growth strategies aimed at increasing market depth and liquidity. It removes geographical barriers to our marketplace and extends our reach."
"This launch marks the first step to open SGX's core systems to choice of access and technology as appropriate to the member firms. We are very encouraged by the number of members who have indicated their intent to adopt SGXAccess. This support reinforces our intent to develop open access to our clearing, settlement and depository facilities to encourage innovations such as straight-through processing," added Mr Kloet.
To date, nine SGX member firms have signed Memorandums of Intent to adopt SGXAccess by the end of 2001. They are CLSA Singapore Pte Ltd, DBS Securities Singapore Pte Ltd, G. K. Goh Stockbrokers Pte Ltd, HSBC Securities (Singapore) Pte Limited, ING Barings Securities (Singapore) Pte Ltd, Merrill Lynch (Singapore) Pte. Ltd, Morgan Stanley Dean Witter Asia (S) Securities Pte Ltd, Nomura Securities Singapore Pte Ltd and Phillip Securities Pte Ltd.
