Glencore Singapore Signs Up As Trade Member of SMX
Singapore Mercantile Exchange (“SMX”), the first pan-Asian multi-product commodity and currency derivatives exchange, today announced that it has signed up Glencore Singapore Pte Ltd as Trade Member of SMX. Glencore Singapore Pte Ltd (Glencore Singapore) is a subsidiary of Glencore International AG, one of the world’s largest suppliers of commodities and raw materials to industrial consumers. Glencore Singapore’s status as a Trade Member of SMX allows it to trade only for itself.
Thomas J. McMahon, Chief Executive Officer of SMX, said, “The addition of Glencore Singapore to our growing list of Trade Members underpins the confidence of global traders and investors in using SMX’s platform to efficiently hedge their exposure and better manage their portfolio in the Asian time zone.
Providing SMX Trade Members with a solid platform to access Asia’s vibrant commodity markets is our strength. We look forward to delivering the high quality products and services that they can expect from an international exchange in the West.”
Glencore Singapore is the latest addition to the growing list of Trade Members of SMX. The Exchange recently announced the appointment of Vitol and TransMarket Group LLC as its pioneer Trade Members.
SMX commenced operations on 31 August 2010 with four SMX futures contracts which include two leading crude oil benchmarks – Euro-denominated Brent Crude and West Texas Intermediate (WTI), a currency pair – Euro-US Dollar Currency Futures Contract and the first Gold futures contract in Singapore to be settled via physical delivery. SMX‟s state-of-the-art electronic trading platform will match underlying Asian physical commodity flows with a range of Exchange-cleared derivatives solutions. The Exchange is focused on working closely with key industry participants to create bespoke futures and options contracts for Asian trading hours.