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.

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Leave a Reply

Your email address will not be published. Required fields are marked *

India’s Leading Compliance Software

India’s Leading Compliance Software

Get A Demo Today !

Corporate Law Referencer

Corporate Law Referencer

Corporate Law Referencer

Recent Articles

Recent Legal updates

Recent Gst Updates