Published On: Mon, Apr 25th, 2011

SMX to Start Trading Cash-Settled AUD-USD and USD-JPY Futures From April 29, 2011

Singapore Mercantile Exchange (SMX), the first trans-Asian multi-product commodity and currency derivatives exchange, will begin trading cash-settled AUD-USD and USD-JPY currency pair futures from April 29, 2011.

Six consecutive monthly contracts of each currency pair will trade Monday to Friday from 10.00am up to midnight SGT. Contract sizes will be of 25,000 AUD and 25,000 USD for the AUD-USD and USD-JPY pairs respectively to make it more accessible to all segments of traders, investors and hedgers. Clearing and settlement of USD-JPY futures will be in JPY through the Singapore Mercantile Exchange Clearing Corporation (SMXCC), with AUD-USD contracts in USD. Contracts are finally settled against the London Currency Fixing Rate at 1600 London Time on the last trading day.

Spencer Campbell, Senior Vice President, Business Development and Marketing of SMX, said: “We are very pleased with the recent product launches and would like to express our gratitude to all our clearing members, clearing banks, independent software vendors (ISVs) and other service providers for extending their fullest co-operation to bring these products to the market. The customized Australian Dollar and Japanese Yen futures are expected to attract local and regional traders to hedge their currency risks and benefit from price discovery during extended SMX trading hours across Asian, European and US time zones.”

SMX recently introduced cash-settled gold, silver and copper futures which commenced trading on SMX from April 15, 2011, in addition to futures contracts for Singapore-deliverable gold, currency pair Euro-USD, WTI crude and Brent crude priced in Euros, available since SMX went live on August 31, 2010.

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