CME clearing house approved by Singapore regulators

Status means CME Group can sign up direct clearing members from Singapore.

The Monetary Authority of Singapore (MAS) has formally granted CME Group the status of Recognised Clearing House, with effect from 18 May.

As a ‘recognised clearing house’, CME will be able to sign up direct clearing members from Singapore for clearing of both exchange-traded futures, options and OTC derivatives.

Further to MAS’s proposal to mandate clearing for interest swaps later this year, market participants will also be able to use CME Clearing for US dollar and Singapore dollar denominated swaps.

Senior managing director and president of CME Clearing Sunil Cutinho said being a recognised clearing house, “complements the Automated Trading Services (ATS) status granted to our clearing house by the SFC in Hong Kong in August 2015.”

Head of Asia pacific at CME Group, Christopher Fix, said the status “is an important milestone” for the firm.

He added: “Singapore is a key international financial centre, and we are excited to be able to play a crucial role working in close partnership with market participants and further support our member firms in meeting their clearing obligations."