SGX proposing new class of clearing members

Singapore

IN a bid to meet new US regulatory requirements, the Singapore Exchange is proposing a new remote membership class for the clearing of swaps for US customers.

The new membership class will allow futures commission merchants registered with the US Commodity Futures Trading Commission (CFTC) to clear swaps for their US customers through SGX's derivatives clearing house, SGX Derivatives Clearing. It will also enable SGX Derivatives Clearing to admit futures commission merchants as clearing members, and to clear swaps for their customers.