At launch, nine banks were admitted as SGX Bank Clearing Members for the clearing of OTC traded financial derivatives products.
The nine banks are: Barclays Bank, Citibank, DBS Bank, Deutsche Bank, The Hongkong and Shanghai Banking Corporation, Oversea Chinese Banking Corporation, The Royal Bank of Scotland, Standard Chartered Bank and United Overseas Bank.
SGX president Muthukrishnan Ramaswami said a first of its kind in Asia, the service provides clearing members, access to SGX’s central counterparty clearing service, reducing counterparty risk and enabling growth in OTC derivatives activities.
“We thank the banks in the SGX-OTC Committee for their contributions over the past two years in developing this service. We welcome our new bank clearing members to this service and look forward to further growth in our membership across Asian banks,” Ramaswami said.
