The Singapore Exchange (SGX) has added Credit Suisse to its SGX AsiaClear service, enabling the bank to act as a clearing member for OTC derivatives.
Credit Suisse becomes the tenth bank to join SGX's new OTC clearing service, which started clearing interest rate swaps on 15 November 2010. The other banks comprise: Barclays Bank; Citibank; DBS Bank; Deutsche Bank; HSBC; Oversea Chinese Banking Corporation; Royal Bank of Scotland; Standard Chartered Bank; and United Overseas Bank.
“Following our launch on 15 November, we are seeing more global and regional banks coming forth with interest to participate in our clearing service,” said Muthukrishnan Ramaswami, president of SGX.
Lito Camacho, vice chairman for Asia Pacific and Singapore CEO at Credit Suisse added that becoming a member of SGX's OTC financial derivatives clearing service would strengthen the bank's abilities in the Interbank interest rate swap market.
“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,” he said.