UBS to Clear OTC Traded Financials on Singapore Exchange
Singapore Exchange (SGX) welcomes UBS AG to AsiaClear as a new SGX Bank Clearing Member for the clearing of over-the-counter (OTC) traded financial derivatives.
Mr Muthukrishnan Ramaswami, President of Singapore Exchange, said, “We look forward to UBS’ participation in our clearing service for OTC traded financial derivatives in addition to their presence in our securities and derivatives markets. We are encouraged by the extensive interest shown by the OTC market participants and thank our members for their strong support since the launch two months ago.
We expect to broaden our clearing offering with foreign exchange forwards in the second quarter of 2011.”
Mr Gerald Chan, CEO & Country Head, UBS Singapore: ““As part of our ongoing commitment to our clients to be a top 3 clearing provider, UBS is pleased to partner SGX for the AsiaClear service. It is yet another testimony to the innovation and efficiency of SGX and its members. UBS Prime Services is an established and highly regarded global Prime Brokerage and Clearing business covering over 70 exchanges globally. Offering the AsiaClear service complements our current capabilities.”
UBS AG brings the total number of Bank Clearing Members for the clearing of OTC traded financial derivatives on SGX AsiaClear to 11.