Citigroup Global Markets Singapore Securities
enhances global footprint; adds to growing list of clearing members
on SMX
SINGAPORE, March 29, 2012 /PRNewswire-Asia/ --
Singapore Mercantile Exchange (SMX), the first pan-Asian
multi-product commodity and currency derivatives exchange, today
announced that Citi has become active on SMX as a General Clearing
Member. Acting via Citigroup Global Markets Singapore Securities,
Citi is now able to trade and clear for its global customers on
SMX. Existing and prospective Broker Members and Trade Members of
SMX now have a larger pool of Clearing Members to clear their
trades.
Mr Conor Cunningham, Head of Listed Derivatives for
Asia Pacific, Citi, said: "With this development, Citi aims to
better facilitate the trading and clearing of derivatives for its
customers in the Asia Pacific region and globally. Citi is
committed to Singapore as a major global financial centre and
supportive of initiatives to give clients greater transparency and
security in trading and clearing derivatives. This is an important
step forward for Citi as we broaden our connectivity to trading and
clearing venues across the region. It reinforces Citi's strategic
commitment to the derivatives clearing business
globally".
Mr. V Hariharan, Chief Executive Officer of SMX,
said: "We are delighted to have Citi become an active General
Clearing Member. Their reach in the international marketplace will
help us expand the global trade participation we currently have on
our Exchange. Citi's participation underlines the potential the
Exchange has in advancing growth in trading in the Asian
marketplace. We look forward to working closely with Citi to expand
the liquidity pool within the Asian time zone in products aligned
to Asian trade flows."
Citi is a leader in the Markets business in Asia
Pacific, offering clients leading solutions across, equities, fixed
income, commodities and currencies in 18 markets including plain
vanilla and structured solutions using derivatives. With operations
in over 100 countries, local trading desks in over 80 countries and
connections with over 400 clearing systems, Citi has the global
footprint along with the local presence and expertise to serve
clients' evolving needs.
SMX went live for trading on 31st August 2010. Its
electronic platform offers multi-currency and multi-asset clearing,
trading, and pricing for contracts with guaranteed settlement and
delivery. Currently, its product suite consists of 13 products
including two crude oil benchmarks, Brent Crude priced in Euros and
West Texas Intermediate (WTI) Crude Oil, currency pairs -- Euro-US
Dollar, AUD-USD, USD-JPY and GBP-USD currency futures, the first
Gold futures contract in Singapore to be settled via physical
delivery, a cash settled Gold futures contract, a Silver futures
contract, a Copper futures contract as well as the world's first
globally traded iron ore futures based on the Metal Bulletin Iron
Ore (MBIO) Index and the world's first global Black Pepper futures
contract.
About Singapore Mercantile Exchange
(SMX)
Singapore Mercantile Exchange is a pan-Asian
multi-product commodity and currency derivatives exchange situated
in Singapore. It offers a comprehensive platform for trading a
diversified basket of commodities including futures and options
contracts on precious metals, base metals, agriculture commodities,
energy, currencies and indices.
SMX offers market participants the benefits of
market transparency, time zone convenience, price discovery and
benchmarking, price risk management and multiple connectivity
options. Counterparty clearing and settlement risk is effectively
managed through its clearing house, the Singapore Mercantile
Exchange Clearing Corporation. The regulator of Singapore's
financial markets -- the Monetary Authority of Singapore (MAS) --
has granted SMX 'Approved Exchange' status since
2010.
SMX is backed by the world's leading creator of
exchanges -- Financial Technologies (India) Limited -- which has
successfully established 10 exchanges across India, Dubai,
Singapore, Africa, Mauritius and Bahrain.
SMX is a member of leading international derivatives
industry associations, such as the Futures Industry Association
(FIA), the Swiss Futures and Options Association (SFOA), the
Association of Futures Markets (AFM) and the Futures and Options
Association (FOA). More information is available at
www.smx.com.sg
About Citi
Citi, the leading global financial services company,
has approximately 200 million customer accounts and does business
in more than 140 countries. Through Citicorp and Citi Holdings,
Citi provides consumers, corporations, governments and institutions
with a broad range of financial products and services, including
consumer banking and credit, corporate and investment banking,
securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com or
www.citi.com.
SMX Contacts
For business enquiries:
Ashok Rout
Chief Business Officer
Tel: +65-6590-3700
Email: [email protected]
For media enquiries:
Hasmita Rajan
Marketing Communications
Tel: +65-6590-3754
Email:
[email protected]
Citi
Contacts For business
enquiries:
Christopher Day
Regional head of ETD Sales
Citi
Tel: +852-2501-8375
Email:
[email protected]
For media enquiries:
Adele Tan
Vice President, Corporate
Affairs
Citi Singapore
Tel: +65-6657-5741
Email: [email protected]
SOURCE: Singapore Mercantile
Exchange