The Royal Bank of Scotland (RBS) has joined the derivatives market of the Singapore Exchange (SGX) as a trading member. The bank has been a clearing member of SGX's derivatives market since June 2008.
The inclusion of RBS brings the total number of trading members in the derivatives market to 31. The market also has 34 clearing members, while the securities market has 30 trading members and 29 clearing members.
“RBS is delighted to receive the formal approval from SGX to implement direct execution connectivity with the exchange,” said Jeremy Wright, global head of futures and counterparty clearing at RBS. “This is a key development which will aid RBS' plan to expand its global futures and clearing business in Asia.”
SGX recently confirmed the launch date for its new ultra high-speed trading platform SGX reach, which is expected to go live on 15 August 2011. The exchange is also currently planning a takeover of the Australian Securities Exchange, a deal that would create the fifth largest exchange group in the world.