Published On: Mon, Feb 28th, 2011

Ong First Live as SMX Clearing Member

Singapore Mercantile Exchange (SMX), the first trans-Asian multi-product commodity and currency derivatives exchange today announced that Ong First Tradition Pte Ltd, a leading local brokerage for commodities and futures trading, has signed up as a General Clearing Member (GCM) of the Exchange and is now a fully operational GCM. As GCM, Ong First Tradition is able to trade, clear and settle its own trades, as well as those of its regional and global customers, including any other Broker Member or Trade Member of the Exchange.

Mr Ong Ka Thai, Chairman of Ong First Tradition, said: “We are pleased to be one of the first leading local commodities and futures brokers to be among the pioneer clearing members of Singapore’s latest exchange. The trading community is truly excited by the prospect of a pan-Asian liquidity pool for derivatives being cultivated right here where the physical hub for commodities and Asian financial markets already is. We recognize the distinctive potential evident in the SMX platform and look forward to much success trading in the New Year.”

Thomas J. McMahon, Chief Executive Officer of SMX, said: “We are delighted to usher in the New Year with Ong First Tradition Going Live as a General Clearing Member. Having recognized Singapore as the key hub for consolidation within the Asian commodity and derivatives markets, we are excited each time a leading local player comes on board our trans-Asian platform. We appreciate Ong First Tradition’s ambition and commitment to being a multi-asset trading hub and share its focus on futures trading of key commodity segments such as metals, energy and agriculture going forwards.”

Built upon the foundation of Ong Commodities, one of Singapore’s most active brokers trading physical commodities, Ong First Tradition offers full clearing facilities for all its clients with 24-hour broker-assisted dealing and execution services with access to leading global futures exchanges and more than 150 products via its brokers or electronic trading platforms with fast and efficient order execution. The brokerage also provides services such as Specialist Product Teams and trading tools and resources for clients to manage their trades such as timely market updates and unlimited access to real-time quotes.

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