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SGX launches clearing for Asian FX forwards

Singapore Exchange will commence clearing of Asian foreign exchange forwards by September, boosting its bid to catch Tokyo as the largest regional foreign exchange player.

The exchange will clear non-deliverable contracts for currencies including the Chinese Yuan, Indonesian Rupiah, Indian Rupee, Korean Won, Malaysian Ringgit, Philippine Peso and Taiwanese Dollar, it said in a filing on Wednesday.

The new service follows the launch in November of SGX’s interest rate swap clearing service, which has processed nearly US$80 billion of rates contracts since launch.

Singapore is the fourth largest foreign exchange centre globally, according to the Bank for International Settlements, behind Tokyo, the US and the UK.

SGX’s A$8.4 billion ($9 billion) bid for Sydney-based exchange operator ASX Ltd was rejected by the Australian government in April.

Eleven SGX Clearing Members will eligible to clear FX forwards. They are Barclays, Citigroup, Credit Suisse, DBS, Deutsche Bank, HSBC, Oversea-Chinese Banking Corporation, Standard Chartered, RBS, UBS and United Overseas Bank.

Thomson Reuters linked its new trade confirmation service to SGX and CME Clearing last week.