SINGAPORE Exchange (SGX) subsidiary SGX Bond Trading has appointed UBS as the general counterparty for SGX Bond Pro.
SGX Bond Pro is SGX's over-the-counter electronic venue for trading of Asian bonds.
In the role of general counterparty, UBS executes trades with authorised counterparties that are matched on the SGX Bond Pro Platform. This enables authorised counterparties who have no bilateral agreements in place to trade on the platform by executing with the general counterparty, while maintaining pre and post-trade anonymity.
Said SGX president Muthukrishnan Ramaswami: "A liquid secondary market for Asian bonds is vital for Asia's increasing funding and investment needs. SGX recognises the need for a market infrastructure solution to facilitate liquidity.
"The establishment of SGX Bond Pro is an innovative solution for the Asian bond market, and the General Counterparty is an integral element of SGX Bond Pro. UBS has a long track record in the region and has been a front runner and innovator in the development of execution services for bonds, and is a natural choice of partner for SGX."