HSBC has joined the Singapore Exchange (SGX) derivatives segment as a trading and clearing member, as the bourse continues to increase trading in instruments that facilitate access to the Asian region.
The addition of HSBC brings the number of trading members and clearing members in SGX's derivatives market to 40 and 29 respectively, up from 31 and 26 a year earlier.
In addition, there are 11 firms that offer clearing of OTC traded financial derivatives on the exchange's interbank OTC clearing service SGX AsiaClear. The SGX securities market has 30 trading members and 29 clearing members.
“Our clients who are now migrated from HSBC Futures (Singapore) will benefit from having a strong counterparty in The Hongkong and Shanghai Banking Corporation and access to a wider range of investment products and services via a smoother account on-boarding and documentation process,” said Amit Gupta, managing director and head of global markets Singapore at HSBC. “This is a clear deliverable as we strengthen our client offering across Asia and expand our capabilities and market presence.”
Last month, SGX reported a rise in the trading of derivatives that give investors access to other Asian markets, including growth in the number of contracts traded algorithmically.
Meanwhile earlier this month, HSBC Securities Services launched third-party clearing services in Japan, enabling local and cross-border broker dealers to outsource their securities back-office operations to HSBC.