Mizuho Securities USA has become the first remote clearing member of the Singapore Exchange (SGX).
In October 2013 SGX introduced a new membership class for international clearing clients to access their platform from their own jurisdictions.
The membership allows brokers, registered with the Commodity Futures Trading Commission (CFTC), to clear swaps for US customers through SGX’s Derivatives Clearing House. It also allows SGX to admit overseas-based clearing brokers, who do not need a Singapore presence, to become a clearing member.
SGX says it is the first exchange in Asia to be granted the status of Derivatives Clearing Organisation by the CFTC. SGX now has 27 derivatives clearing members to 27. There are also 11 clearing members for the clearing of OTC-traded financial derivatives and 47 derivatives trading members.