Morgan Stanley Joins SMX as General Clearing Member
Singapore Mercantile Exchange (SMX), the first trans-Asian multi-product commodity and currency derivatives exchange, announced February 10 that leading global financial services firm Morgan Stanley Asia (Singapore) Securities Pte Ltd has signed up as a General Clearing Member (GCM) of the Exchange.
The membership enables Morgan Stanley to trade, clear and settle both proprietary and customer accounts for its regional and global customers, including any other Broker Member or Trade Member of the Exchange.
Commenting on the announcement, Kapil Trikha, Morgan Stanley’s Chief Operating Officer of Southeast Asia, said: “Morgan Stanley recognizes the importance of multi-asset class trading and also the significant role Singapore plays in the context of global financial markets. Through the SMX platform, we look forward to playing a key role in the development of commodity and derivative markets across Asia.”
Ang Swee Tian, Chairman of SMX, said: “Morgan Stanley, which is an exceptionally well-diversified, borderless company, is a welcome addition to our expanding list of GCMs. We are extremely enthusiastic to have a GCM of this high a calibre and we look forward to Morgan Stanley’s recognized expertise and global presence in investment banking and management for the cultivation and maturity of our trans-Asian platform.”
Launched on August 31, 2010, SMX provides multi-currency and multi-asset trading and clearing for products with guaranteed settlement and delivery. It enables members to engage in futures trading for WTI Crude and Brent Crude (denominated in Euros). It also has the distinction of launching Singapore’s first gold futures contract (with physical delivery-based settlement) and Euro-US Dollar currency futures.
Trading on the fully-electronic SMX platform flows without breaks across all its products from Monday to Friday with trading sessions starting at 1000 am till 0330 am SGT the next calendar day for the later-ending contracts, spanning the Asian, European and American business hours.