Deutsche Bank has been approved by the Singapore Exchange (SGX) to act as a bank clearing member on its securities market.
As a result, Deutsche Bank's clearing and custody division will have the ability to offer third-party clearing services to SGX's trading members. The bank becomes the 27th clearing member to join SGX's securities market, which currently has 26 trading members. The exchange's derivatives market has 30 trading members and 26 clearing members.
“The addition of new SGX members with large international presence strengthens Singapore”s position as an investment destination and a financial centre,” commented Rama Pillai, senior vice president and head of sales and distribution, SGX. “We look forward to Deutsche Bank, a provider of global transaction services including clearing services, to further enhance our reach to new customer segments.”