Singapore Exchange (SGX) will launch its new derivatives clearing system, SGXClear, on 7 December, according to Magnus Bocker, the exchange’s new CEO.
The exchange had previously announced it would be launching the service in December, but had not given a specific date. The new service follows the upgrade of SGX’s securities and derivatives trading engine in 2008.
“These technological enhancements offer significant improvements in capacity, latency and performance. They also support our initiatives to attract the growing pool of algorithmic and high-velocity traders, which have doubled in number from the last year,” said Bocker during his keynote address to the FIA Asia Derivatives Conference yesterday.
Bocker, who took the reins of SGX from Hsieh Fu Hua on 1 December, also said that the exchange would soon provide further details about its planned clearing service for over-the-counter (OTC) financial derivatives. SGX announced in its results for the quarter ending September 2009 that it would expand its SGX AsiaClear service to include OTC financial derivatives during 2011.
In addition, trading technology provider RTS Realtime Systems Group has announced that it and Fortis Clearing have become the first trading solutions provider and clearing firm respectively to receive certification to connect to SGX’s recently-upgraded QUEST-ST equity trading system.
RTS will connect to the trading engine using SGXAccess API, the exchange’s new securities market access service based on the application programming interface of the QUEST-ST trading engine. The trading engine is provided by global exchange group Nasdaq OMX.