Singapore Exchange (SGX) will upgrade its derivatives trading and clearing platforms using Nasdaq’s Genium INET solution, after striking a deal to continue using the service for a further six years.
SGX has emerged as one of the fastest growing futures exchanges in Asia, and posted another year of record volumes this week, with 17 million contracts traded in 2014. This was almost double that of the previous year.
SGX TITAN, the upgraded platform, has been designed to increase efficiency and lower trading and clearing costs for market participants, according to the exchange.
"We see strong and continued demand for SGX's Asian derivatives, and aim to provide ever better solutions to fulfil these unique and evolving needs,” said Magnus Böcker, CEO, SGX. “Innovation continues to drive growth, and our partnership with Nasdaq Technology will be an important pillar of our success."
The rollout of the new system is scheduled towards the end of 2016.
“The new migration of the exchange's (SGX’s) derivatives markets to our Genium INET platform meets SGX's demand for enhanced performance and systems resiliency, and allows for scalability to support new areas of interest and growth,” said Lars Ottersgard, executive vice president, market technology, Nasdaq.