Singapore Exchange to offer trading in more metals contracts

Singapore Exchange to offer trading in more metals contracts

Singapore Exchange SGXl.SI said on Thursday it is planning to add another three contracts to the set of metal products it offers in partnership with the London Metal Exchange (LME).

The bourse has already been offering mini-contracts in copper, aluminium and zinc futures in conjunction with the LME since February this year.

“We see quite a careful take-up on those kind of products and we hope to add another three metal contracts in the not too distant future,” said Magnus Bocker, the exchange’s chief executive, although he didn’t specify which metals they would be.

He was speaking at a ceremony welcoming Swedish bank SEB (SEBa.ST) as a new trading and clearing member of the exchange.

Bocker added that SGX was planning to begin offering central clearing for FX forwards in “the next few months”.

Several market players have said the FX forward clearing could be launched as early as June, although Bocker said the exchange is waiting to ensure its interest rate swap clearing business is running smoothly before moving to new products.

“You need to get through the interest rate swaps, have them cleared, everyone familiar with it and all the technology up and running before we move on to the next product,” he said.

SGX is hoping to take advantage of the global regulatory move to push as many over-the-counter derivatives through central clearing as possible.

It became the first Asian exchange to offer clearing of over-the-counter derivatives in November last year, and says it has cleared almost S$100 billion ($80.1 billion) worth of Singapore dollar interest rate swaps since that launch. ($1 = 1.248 Singapore Dollars).

Adapted from Reuters

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EURUSD 1.17890 1.17910 2
GBPUSD 1.33460 1.33490 3
USDCAD 1.28520 1.28550 3
USDJPY 113.470 113.490 2
USDCHF 0.99060 0.99090 3
AUDUSD 0.75320 0.75350 3
NZDUSD 0.69130 0.69180 5
EURGBP 0.88320 0.88350 3
EURCHF 1.16800 1.16830 3
EURJPY 133.780 133.810 3
AUDJPY 85.460 85.510 5
GBPJPY 151.440 151.500 6
XAUUSD 1243.80 1244.20 40
XAGUSD 15.723 15.773 5