US Commodity Futures Trading Commission (CFTC) has authorised Singapore Exchange Derivatives Clearing (SGX-DC) as the first Asian Derivatives Clearing Organization (DCO).
Through this authorization, new and existing US customers will be able to clear their derivatives contracts efficiently through SGX’s derivatives clearing house in compliance with the latest US laws and regulations.
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Muthukrishnan Ramaswami, president of SGX, said: "SGX is delighted to be recognised as Asia’s first Derivatives Clearing Organization. This reaffirms our commitment to serve our US customers with the necessary regulatory authorization.
"It also underscores our position as a leading exchange with the highest international standards and practices which clients can rely on for their business and risk management needs."
Additionally, SGX Derivatives Clearing and SGX’s securities clearing house, The Central Depository (CDP), have applied to the European Securities and Market Authority for recognition as third country central counterparties under the European Market Infrastructure Regulation in order to continue providing clearing services to European Union customers.
In November, SGX Derivatives Clearing and the CDP were endorsed by the International Monetary Fund’s Financial Sector Assessment Programme for satisfying high levels of compliance with the Principles for Financial Market Infrastructures (PFMI).
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