Singapore Mercantile Exchange (SMX) Announced

Tag : base metals
Singapore Mercantile Exchange (SMX) Announced
SINGAPORE, July 10 /PRNewswire-FirstCall/ -- Deputy Chairman of the Monetary Authority of Singapore (MAS) andMinister of Trade and Industry, Mr. Lim Hng Kiang was the Guest ofHonour at the Global Financial Market Summit 2008 where plans wereannounced to set up Singapore Mercantile Exchange (SMX), a newinternational commodity derivatives exchange in Singapore. Theannouncement was made in a glittering ceremony by Mr. Jignesh Shah , Chairman and CEO of Financial Technologies along with Mr. Lim HngKiang and Mr. Ang Swee Tian , former president of SGX and Mr. Leo Melamed , Chairman Emeritus of the Chicago Mercantile Exchange (CME) Groupin presence of an august gathering of business leaders from acrossthe globe.
To view the Multimedia News Release, please click:
Multimedia News Release: http://www.prnewswire.com/mnr/smx/33858
Said Mr. Lim Hng Kiang, Deputy Chairman of the MAS and Minister ofTrade and Industry, "The Financial Technologies Group's interest toestablish SMX in Singapore, within close proximity to the region'slargest producers and consumers of several commodities, underscoresSingapore's position as a key commodities trading hub."
Mr. Jignesh Shah , Chairman and CEO of Financial Technologies also announced Boardand Advisory Board of SMX comprising of eminent and highlydistinguished personalities from the world of finance including -
Mr. Ang Swee Tian , Chairman of SMX said, "This is a truly eventful day forSingapore. Financial markets and commodity markets are very tightlycoupled. The new exchange will add to the stature of Singapore asglobal financial centre and more investments will flow intoSingapore, as it becomes a One Stop Financial and Trading hub."
Mr. Jignesh Shah , Vice Chairman of SMX, Chairman and Group CEO of FinancialTechnologies, said, "Singapore ranks among the top threeinternational financial centres in the world today along with NewYork and London with an established trading and commodity hub, openeconomy, robust regulatory framework under Monetary Authority ofSingapore (MAS), a thriving port, business friendly environment,and its geographical location - making it an ideal destination tohost an international commodity derivatives exchange like SMX. Alsomarkets are the barometer of growth for any economy and SMX will bethe growth engine for Asia from Singapore with rest of the world -through transparent price discovery, efficient transactionexecution, price volatility, risk hedging and will propagatestructured private and public investment deep into the economy."
The Chairman of the Advisory Board of SMX Mr. Leo Melamed , said, "I am very pleased to be associated with this path breakinginitiative of the Financial Technologies in Singapore. We expectAsia to lead the growth in the commodities markets in the next fewyears. Market participants around the world will benefit from pricediscovery of these commodities in Asia. The SMX will be a barometerfor the dynamic demand-supply fundamentals in this region."
Mr. Chong Lit Cheong, Chief Executive Officer of InternationalEnterprise (IE) Singapore said, "SMX's entry into Singapore is awelcomed development by IE Singapore as it complements our ongoingefforts to develop Singapore as the Asian commodity trading hub.Already, Singapore is Asia's price discovery centre for energy andrubber. With growing investor interest in commodity derivatives aswell as increasing focus on risk management due to volatilecommodity prices, SMX will reinforce the commodity trading and riskmanagement infrastructure in Singapore."
The announcement was made at the 'Global Financial Markets Summit2008: A CEO discussion forum exploring Asia's commodity derivativesmarkets', organized by Financial Technologies Group and FOW andsupported by International Enterprise (IE) Singapore and held atthe Mandarin Oriental Singapore today.
SMX will facilitate commodities trading in the Asian time zone andreflect the vibrancy of Asian markets. The new exchange willprovide a platform for futures and options trading on preciousmetals, base metals, energy, agricultural commodities, currencypairs, carbon credits and commodity indices. Though many commodityexchanges exist in the Western world, no such internationalcommodity exchange, trading a diversified range of products on asingle platform exists in Asia. SMX will fulfil this need of aglobal exchange in Asia.
SMX is promoted by Financial Technologies ( http://www.ftindia.com ) a US$1.84 billion (as on 31st March 2008) global leader increating and operating technology centric, next generationfinancial markets. Financial Technologies has successful trackrecord of operating deep, vibrant and liquid exchange network inMiddle East and India.
About Singapore Mercantile Exchange
Singapore Mercantile Exchange ("SMX") an international commodityderivatives exchange situated in Singapore will offer astate-of-the art electronic trading platform for trading adiversified basket of commodities including futures and optionscontracts on precious metals, base metals, agriculture commodities,currencies and commodity indices. SMX is currently in the processof obtaining the necessary regulatory approvals from the MonetaryAuthority of Singapore (MAS).
Dealers, brokers and their customers will be able to connect toSMX's trading platform through a number of connectivity options,including leased lines, dial-up, multi-protocol label switching andthe Internet either with the native front-end provided by the SMXor the front-end developed by independent software vendors.
SMX's platform will provide a fair, transparent and efficientmechanism for price discovery with orders being matchedelectronically. The best buy order will be matched with the bestsell order based on a price-time priority, ensuring best prices forboth buyer and seller. SMX will act as the counterparty for eachtransaction executed on its platform through settlement guaranteesprovided by its clearing house, the Singapore Mercantile ExchangeClearing Corporation, a 100% subsidiary of the Singapore MercantileExchange.
More information is available at http://www.smx.com.sg
About Financial Technologies (NSE: FINANTECH, BSE: FINTECH)
Financial Technologies (India) Limited is a US$1.84 billion (as on31st March 2008) global leader in creating and operating technologycentric, next generation financial markets that are transparent,efficient, and liquid, across multi asset classes includingequities, commodities, currencies and bonds, among others.
Its highly robust and scalable exchange and trading technology,coupled with deep domain expertise, gives Financial Technologies adecisive edge in driving mass disruptive innovation at a speed andcost of execution that are unmatched in the financial markets. Thisexpertise uniquely positions Financial Technologies as a creator ofelectronic, organized, and regulated financial markets for newasset classes and new investor classes that are either underservedor economically unviable to be served by traditional markets.
SOURCE Singapore Mercantile Exchange Pte Ltd.