SICOM Secures Licence to Roll Out New Commodity Classes
Singapore Commodity Exchange (SICOM), a subsidiary of Singapore Exchange (SGX), announced March 2 that they have secured a new license to operate a Commodity Market and Clearing House under the Commodity Trading Act (CTA), the only such license currently issued by International Enterprise Singapore. This new license is in addition to SICOM’s existing recognized market operator license under the Securities And Futures Act.
SICOM’s Chief Executive Officer, Jeremy Ang said, “We are pleased to receive our new Commodity Market and Clearing House licence under the CTA. This extends our capability to roll out a complete suite of commodity products such as forwards, contracts-for-difference and leveraged commodity contracts, in addition to our existing futures contracts. The introduction of new contracts will provide market participants a wider choice of trading, hedging and investment opportunities; and is an important foundation on which SICOM will build its commodity Asian gateway.”
SICOM currently lists two rubber futures contracts, Ribbed Smoked Sheet 3 and Technically Specified Rubber 20, and is the world’s price discovery centre for natural rubber. As previously announced, SICOM will be launching new commodities contracts such as gold and coffee in the first half of 2010.