The Singapore Mercantile Exchange (SMX) has been granted “approved exchanged” status by the Monetary Authority of Singapore, making it the first commodity and currency exchange in pan-Asia.
The new status is the final approval to operate as a regulated and licensed exchange.
Jignesh Shah, vice-chairman of SMX, says: “SMX will create a new generation international commodity and currency derivative trading platform on a par with the best global exchanges in New York and London.”
Thomas J McMahon, chief executive of SMX, says: “Today’s development brings SMX a step closer towards revolutionizing the Asian commodities ecosystem.
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