Total Global Steel Joins SMX as Trade Member
Singapore Mercantile Exchange (“SMX”), the first pan-Asian multi-product commodity and currency derivatives exchange, today announced that it has signed up Total Global Steel Ltd as Trade Member of the Exchange.
Total Global Steel specialises in physical metal trading, European Energy markets, derivatives, hedging/market speculation, online commerce and LME brokerage. The Company’s principal business comprises the international trade and global distribution of steel and raw materials with access to some of the largest financial markets and commodities exchanges. As a Trade Member of SMX, Total Global Steel will engage in proprietary trading.
As a physical trader on a leading European exchange’s warrantable materials, it is able to deliver a full range of base metals all over the world at prices that are reflective of today’s competitive market place.
Mr. Thomas J. McMahon, Chief Executive Officer of SMX, said, “We continue to attract strong interest from major international players such as Total Global Steel as our robust platform fulfils the need for comprehensive pricing and risk management during Asian trading hours. Being both metals specialist and multi-asset trader, Total Global Steel can leverage off the fact that, this region is home to multiple trading hubs and the world’s largest producers and consumers of key commodities such as base metals. We look forward to constantly expanding our product range to meet both generic and niche trading needs of companies with such diversified portfolios.”
Mr. Martin Lonergan, CEO of Total Global Steel said: “The recent years have seen us establishing a foothold in Europe. We have also started developing businesses in China and other Asian markets. Singapore is of strategic importance to our plans for the Far East. As members of the key western exchanges, we see interesting opportunities developing going forward with SMX. Total Global Steel is proud to support and be involved with SMX from its very beginning.”
SMX went live for trading on 31st August 2010 with four products which include Gold Futures Contract with physical delivery in high-security vaults in Singapore, West Texas Intermediate (WTI) Crude Oil, Brent-Euro Crude Oil and Euro-US Dollar Currency Futures Contracts amongst the others. The Exchange is focused on working closely with key industry participants to create bespoke futures and options contracts for Asian trading hours.