Published On: Fri, Jul 9th, 2010

SMX Signs Up Phillip Futures as First General Clearing Member

Singapore Mercantile Exchange (“SMX” or “the Exchange”), a leading pan-Asian multi-product currency and commodity derivatives exchange, today announced that it has signed up Phillip Futures – a leader in Futures trading in Asia – as its first General Clearing Member (GCM).

Phillip Futures – one of Singapore’s top local brokerages, specializing in derivatives and currency trade, will be able to trade, clear, and settle its own trades, as well as those of its customers, including any other Broker Member or Trade Member of SMX.

Phillip Futures is part of the PhillipCapital Group, one of the largest integrated financial services providers in Singapore. Its membership status will allow Phillip Futures to offer its customers, located in more than 10 countries around the world, multi-product trading on a robust technology platform of SMX in the Asian time zone.

Mr. Lim Hua Min, Chairman of PhillipCapital, said “We are pleased to partner with SMX to put Singapore on the world map for commodities trading. The PhillipCapital group has spearheaded numerous firsts in the securities and derivatives industry in Singapore, including the first multi-asset class online trading platform in Asia. We are embarking on yet another first by becoming the first General Clearing Member of SMX.”

Mr. Teyu Che Chern, CEO of Phillip Futures, added “We are proud to partner with SMX in its endeavour to make Singapore the regional and global commodities trading hub. We are seeing a lot of interest from our clients to trade commodity derivatives tailored to suit Asian needs and can be traded within Asian hours. We believe our move to bring products traded on the Singapore Mercantile Exchange to our customers will be a good proposition for all parties.”

Mr. Ang Swee Tian, Chairman of SMX, said “The appointment of Phillip Futures as a General Clearing Member is a testimony to the strong value proposition which SMX has to offer to investors in the Asian region and around the globe. Established home grown players like PhillipCapital Group will enable SMX to become a derivatives exchange of choice within Asia. Its regional presence will also enable SMX to achieve its vision of growing beyond the boundaries of its home market in Singapore.”

Mr. Thomas J. McMahon, Chief Executive Officer of SMX, commented: “It is fitting that Phillip Futures is our Exchange’s very first Member, given its presence regionally and in Singapore’s financial services sector. We are very pleased to have a brokerage with such an excellent track record on board from day one, and look forward to a long term partnership beneficial to pan-Asian and global trading interests. Both SMX and Phillip Futures share a similar commitment towards diversifying our product ranges, and it would be exciting to work jointly with such a dynamic and key industry participant to create futures and options contracts custom made for Asian trade flows.”

SMX will provide a state-of-the-art electronic trading platform for investors who want to hedge their risks more effectively and better manage their trading portfolio. Slated to go live in August 2010, SMX will match underlying physical commodity flows in Asia with a range of Exchange-cleared derivatives solutions. SMX is committed to listing a diverse product range so as to create and advance a broad-based Asian liquidity pool.

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