Singapore Exchange (SGX) has admitted Fortis Bank Global Clearing (FBGC) as a clearing member of its securities market and as both a clearing and trading member of its derivatives market.
SGX said FBGC is the first bank to be admitted as a clearing member of the securities market since the rules permitting this took effect on 1 July 2008, and the first bank to be admitted as a trading member of the derivatives market since the rules allowing this took effect on 25 August 2009.
“The addition of banks as clearing and trading members will add to the diversity of market participants and help to grow our customer base to build more vibrant securities and derivatives markets,” said Rama Pillai, senior vice president and head of intermediaries and market access at SGX, in a statement.
Matthew Png, CEO of
FBGC’s Singapore branch, added, “These memberships put us in a good position to bring a broad range of services to our clients.”
SGX rules enable Singapore-licensed banks regulated under the Banking Act to become securities clearing members, derivatives clearing members and/or derivatives trading members. Banks are no longer required to incorporate a separate company to apply for the respective memberships. According to the exchange, this allows banks to manage their capital better and use their resources more efficiently.