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SGX named Asia's Exchange of the Year for the second time
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29 September 2009 - Singapore Exchange Limited (SGX) has received the Exchange of the Year, Asia 2009 Award from Energy Risk magazine, in recognition of its contributions in the over-the-counter (OTC) derivatives market in Asia.
“I would like to congratulate SGX for its outstanding achievements over the past year and winning the award for a second time. SGX is in tune with market needs and not afraid to innovate, and this has led to the launch of important new products such as clearing of mini fuel oil contracts and the world’s first OTC cleared iron ore swap,” said Ms Stella Farrington, Editor, Energy Risk.
“We are honoured to receive this award from the Energy Risk magazine. Credit should go to our OTC Inter-Dealer Brokers, Clearing Members and customers for their support. We appreciate the recognition of our efforts in developing an efficient OTC clearing facility. We look forward to further innovation and delivering more benefits to our market participants,” said Ms Elena Sng, Senior Vice President, Clearing and Commodities Business at SGX.
SGX AsiaClear, Asia’s first and only over-the-counter (OTC) clearing platform, was launched in May 2006. It offers a central counterparty clearing facility for OTC energy derivatives, forward freight agreements and bulk commodity, providing credit risk mitigation services to market participants. Today, AsiaClear has successfully built a network of over 360 counterparties from Asia and Europe as well as a large international pool of Inter-Dealer Brokers.
As previously announced, SGX will be introducing a physical-delivered Singapore Fuel Oil 380cst futures contract in the coming months. This supports Singapore’s position as the world’s third largest oil trading hub and largest bunker port.
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