FIA Tech’s Trade Data Network (TDN) is now certified with and connected to Singapore Exchange (SGX), with FIA Tech expected to roll out TDN connectivity to all SGX members subscribed to the network in Q4.
The new development will provide SGX member firms that are subscribed to TDN with improved transparency into their trade give up/take in process on SGX – including the ability to observe the current status of all their SGX fills.
FIA Tech also stated that TDN can provide resiliency services by securely replicating and storing all trading activity and messages from SGX as with all connected exchanges. Risk management and recovery will be improved by this in the event of a systemic outage such as a cyberattack or technology failure.
SGX becomes the third exchange to connect to the TDN, following CME Group and Eurex.
“As Asia’s leading derivatives marketplace across multiple asset classes, trust and efficiency are always top-of-mind, and we look forward to broadening our work with FIA Tech,” said Alison King, head of trading and clearing services for equities at SGX Group.
The TDN provides market infrastructure and shared ledger of trading information to combat the fragmentation and lack of transparency in exchange-traded derivatives (ETD) post-trade processing.
The initiative currently includes 16 banks/brokers as well as 50 investment managers and hedge funds with combined assets under management of more than $37 trillion.
Earlier this year, FIA Tech enhanced TDN to support the operational resiliency demands of clearing firms utilising the platform. The new improvements allow users to securely replicate and store all trading activity at any exchange connected to the network, ensuring speedier recovery in the event of a systemic outage.
“We are delighted to have SGX connected to TDN and look forward to having SGX TDN members fully operational soon,” said Nick Solinger, president and chief executive of FIA Tech.
“This is a significant milestone for TDN, and working with our clearing firms and connected exchanges like SGX, we hope to provide increased operational resilience and efficiency in the exchange traded derivatives industry.”