SGX signs 14 banks for derivatives clearing
The exchange joins the Clearing Corporation of India (CCIL) to roll out a voluntary service for clearing foreign exchange forwards, in response to heightened counterparty risk following the crisis (FX Week, December 2, 2009).
An SGX official in Singapore said participants consist of global and Asian banks but, due to confidentiality agreements, could not provide names. The exchange will use its Nasdaq OMX Technology-developed clearing system, SGXClear, for standard contracts settled in US
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