Global Trading Firms Vitol And Transmarket Group Sign Up As Trade Members of SMX
Vitol Group (Vitol), one of the largest global energy traders and TransMarket Group L.L.C. (TMG), one of the world’s leading proprietary trading groups have become Trade Members of the Singapore Mercantile Exchange (“SMX” or “the Exchange”).
Vitol and TMG are among the first Trade Members to recognise the value proposition of becoming members of SMX; since then many other clients with similar hedging and trading needs have taken up the Trade Membership of the SMX.
Vitol has obtained Trade Memberships for its global headquarters in Geneva (Vitol SA) and its Asian headquarters in Singapore (Vitol Asia).
Thomas J. McMahon, Chief Executive Officer of SMX, said: “Vitol and TransMarket Group are amongst our expanding list of Trade Members who will increase the liquidity pool on SMX. Vitol and TMG trade significant volumes everyday on exchanges across the world. SMX will enable them to strengthen their customer relationships in the Asian region. Both are well established in their respective fields showing diversity in the financial as well as physical market space.”
Functioning primarily as a physical trader, Vitol executes trades over a comprehensive spectrum of energy products. Vitol ships over 300 million tonnes of energy products per year, with revenues of about US$143 billion in 2009.
TMG is a global private trading and investment company which provides risk capital and market access to individuals for the purpose of trading the global financial markets. Its offerings to customers include , covering exchange listed derivatives, equities, commodities and selected cash markets on a multitude of trading platforms. TMG executes trading strategies on derivatives and equity exchanges and government securities markets globally.
SMX has received in-principle approval from the Monetary Authority of Singapore to operate Singapore’s first Asian multi-product commodity derivatives exchange. SMX announced earlier that the exchange will go live in August 2010 on its state-of-the-art electronic trading platform. The first phase of product launches will include a gold futures contract with physical delivery in high-security vaults in Singapore, the West Texas Intermediate (WTI) Crude Oil, and the Brent-Euro Crude Oil amongst the others, which will be announced soon.