SGX president Muthukrishnan Ramaswami said that with the addition of Credit Suisse, SGX now have a total of 10 bank clearing members that are active in the OTC traded financial derivatives.
"Following our launch on 15 November, we are seeing more global and regional banks coming forth with interest to participate in our clearing service. Banks see benefits in using SGX’s central counterparty clearing services to reduce counterparty risk and facilitate their business growth," Ramaswami said.
Credit Suisse vice chairman for Asia Pacific and Singapore CEO Lito Camacho said that by pioneering exchange-based derivatives clearing in Asia Pacific, the SGX has underlined Singapore’s status as an innovative regional financial center.
"The introduction of this service helps reduce systemic risk in the swap markets and Credit Suisse looks forward to working with the SGX as it develops clearing services for a greater range of OTC derivatives," Camacho said.
