Eurex scraps plans for Singapore clearing house

Eurex will shut down Swiss business and operate out of Frankfurt in major restructuring.

Eurex has confirmed it will no longer pursue plans to establish a clearing house facility in Singapore, as the exchange looks to centralise its operations in Frankfurt.

The exchange will serve its European and global client base through its existing exchange and rulebook in the German city.

“This allows us to reduce legal and operational complexity as well as costs as participants no longer need memberships at two exchanges. At the same time, Eurex maintains its highest regulatory standards,” Eurex said in a statement.

As a result, the exchange group has decided against filing for authorisation as a multilateral trading facility in Switzerland, and will shut down its Swiss operations as of 31 March this year.

Eurex added it is also planning to extend its trading hours to include the Asian time zone to meet the demands of its global clients.

“Our focus in a fast changing environment is to maximise agility and efficiency“, said Thomas Book, CEO of Eurex.

“We are very pleased to implement changes that will reduce regulatory complexity and cost for our clients. In addition expanding our distribution creates new and exciting trading opportunities.”