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SGX ASIACLEAR GAINS OVER 50 COUNTERPARTY ACCOUNTS AND EXCEED US$ 140 MILLION IN OTC OIL AND FREIGHT DERIVATIVES
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The Singapore Exchange (SGX) today announced that SGX AsiaClear® has secured over 50 counterparty accounts on its OTC trading and clearing network within 6 months of its launch in May 06. It also exceeded US$140 million in value of OTC Oil and Forward Freight Agreements (FFAs) cleared since launch.
“The growth in the number of counterparty accounts is significant. The possibilities of matching buyers and sellers multiply dramatically with the network effect of an expanding number of OTC market participants. For market participants, the value proposition is that with one agreement to use SGX AsiaClear®, they can efficiently access and trade with the whole SGX AsiaClear® network of counterparties. We are committed to continually grow this network further,” said Mr Seck Wai Kwong, Senior Executive Vice President, Singapore Exchange.
The OTC Fuel Oil complex of products has been the most actively traded and cleared. This includes the Fuel Oil 180cst and 380cst Contracts and also the recently launched Balance-of-Month Fuel Oil 180cst and 380cst Contracts. The unique clearing capability for Balance-of-Month Fuel Oil Contracts offered by SGX AsiaClear® was launched in September 06.
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Issued on: 1 November 2006
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