Asian trading venue the Singapore Exchange (SGX) has introduced Standard Chartered Securities, a unit of the emerging markets-focused banking group, to its securities market as a clearing and trading member.
Standard Chartered Securities' admission brings the number of clearing members for SGX's securities market to 28 and the number of trading members to 29. The derivatives market has 30 trading members and 26 clearing members. The most recent addition to the securities market was US-based market-making firm GETCO Asia, in October 2010.
Gan Seow Ann, president of SGX, welcomed Standard Chartered Securities' membership, citing its parent firm's global presence and activity in growth markets such as Asia, Africa and the Middle East. “With its extensive distribution network and localised expertise in offering Asian based equities products, we believe Standard Chartered Securities will be able to channel new trade flows into our market, thereby strengthening SGX's position as the leading international exchange in Asia-Pacific,” he said.
“Membership of SGX is a significant development for Standard Chartered,” commented Ray Ferguson, regional chief executive, Singapore and south east Asia, Standard Chartered Bank.
SGX is currently working on a merger with the Australian Securities Exchange, which will create a single access point for equities and derivatives in the Asia-Pacific region, following the signing of a merger agreement between the two exchanges in October 2010.