Newedge Goes Live on SMX as General Clearing Member
Singapore Mercantile Exchange (SMX), the first trans-Asian multi-product commodity and currency derivatives exchange, announced that leading global brokerage Newedge is fully-operational as a General Clearing Member (GCM) of SMX effective February 28.
The SMX membership allows Newedge to transact, clear and settle trades for customers, including any other Broker Member or Trade Member of the Exchange. Newedge is one of the leading commodity brokers on agricultural products, energy, emissions and metals, but also offers global multi-asset brokerage services for a range of listed and OTC derivatives and securities.
Mike Gilbert, Newedge Global Head of Professional Trading Group & Head of Clearing Asia Pacific, said: “Newedge SMX membership adds to our presence in Singapore where we already have a significant position. We are pleased to offer SMX access to our clients and take part in the development of commodities and derivatives markets in Asia. ”
Thomas J. McMahon, Chief Executive Officer of SMX, said: “We are very pleased to have Newedge go live as a General Clearing Member from an early stage in the Exchange’s development. Its place among our pioneering clearers affirms the compelling nature of our trans-Asian multi-product range and serves as valuable insight for cross-border liquidity. We look forward to a shared emphasis on balancing international clientele with regional experience to list multi-asset solutions for marketplace demands. We see Newedge clients maximising the benefits from SMX products, while simultaneously adding to the Exchange’s participant and liquidity pool.”