JP Morgan has become the first US bank to join ICE Clear Singapore as a clearing member.
The banks joins three other Singapore-based clearing members, including KGI Ong Capital, Philip Futures and UOB Bullion and Futures.
“Our appointment as a clearing member for ICE Clear Singapore is also a clear statement of our commitment to this market, which maintains its position as a globally important financial centre,” said David Martin, managing director, JP Morgan Securities Singapore.
The win for ICE Clear Singapore, which was launched in 2015 alongside its Singapore futures exchange following ICE’s acquisition of the Singapore Mercantile Exchange, is significant as it looks to bring in international trading activity.
“We are seeing increased interest and trading activity and working closely with the regional market, we will continue to develop our offering to support the trading and risk management needs of customers,” added Lucas Schmeddes, president and COO, ICE Futures Singapore and ICE Clear Singapore.