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Singapore Exchange to clear Asian FX forwards by Sep

The Singapore Exchange (SGX) today said it will start clearing Asian foreign exchange forwards (non-deliverable) by September.

The clearing of Asian foreign exchange (FX) forwards would include the non-deliverable currencies traded in the region, namely the Chinese yuan, Indonesian rupiah, Indian rupee, Korean won, Malaysian ringgit, Philippine peso and Taiwanese dollar.

“A world’s first, this initiative is aligned with recent global regulations on mandatory clearing for non-deliverable FX forwards and FX options via a central counter party,” said SGX.

The clearing of FX Forwards would be the next OTC clearing offering following the November 15, 2010, start of clearing of interest rate swaps denominated in Singapore dollars.

SGX has cleared nearly USD 80 billion notional of interest rate swaps since the launch.

This clearing service would enhance Singapore’s global standing as a market for trading of interest rate derivatives and foreign exchange, said SGX.

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