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1 Our Guest of Honor, Mr. Ted Tan, Deputy CEO, IE Singapore, Mr Hsieh Fu Hua, CEO Singapore Exchange, distinguished guests, ladies and gentlemen, good evening, and welcome to SGX AsiaClear’s 1st Anniversary cocktail reception. We are most honored that you have joined us for this celebration.
2 Just a little over a year ago, responding to the need in the OTC market, SGX launched SGX AsiaClear with the strong support of the Commodity Trading Strategy Group, comprising MAS, MPA, IES and EDB.
3 Thanks to the support of OTC market participants, brokers and clearing members, SGX AsiaClear has since cleared more than US$1.2 billion in value of trades. What’s more notable is that activity has accelerated in 2007. In fact 80% of trades cleared since inception was done in this year alone.
4 In response to market needs, AsiaClear has introduced the unique Balance-of-Month contracts for Fuel Oil and Gasoil, which have been well-received by the market. AsiaClear is planning to introduce other Balance-of-Month contracts such as Dubai Crude Oil contract to augment our product suite to meet the diverse needs of participants.
5 As part of our efforts to develop the FFA market, AsiaClear has published a “Guide to FFA Trading and Clearing” which is released today. I would like to thank the Maritime Port Authority of Singapore and especially its CEO, BG Tay Lim Heng for their support for this Guide.
6 May I also say that we are grateful for your support in enabling SGX to be selected by the Energy Risk magazine for the Energy Risk Asia Awards 2007 as the “Exchange of the Year”.
7 SGX AsiaClear has come a long way since it started only a year ago. SGX AsiaClear is gaining good traction both in terms of value cleared and number of counterparties. We intend to capitalize on this momentum to accelerate its growth in the year ahead, adding new products and customers. Your support has been crucial and will be critical for its continued success. Thank you for your partnership and support. Enjoy the evening.
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