SGX launches clearing facility
The Singapore Exchange (SGX) has launched SGX AsiaClear, a clearing facility for over-the-counter (OTC) oil swaps and forward freight agreements (FFAs).
Fifteen SGX clearing members will provide clearing on 18 OTC products. There are also 13 participating OTC inter-dealer brokers.
SGX chief executive Hsieh Fu Hua described the facility as "an important milestone in our vision as an Asian risk management hub, as it provides credit risk mitigation to the oil, commodity trading and shipping
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