Singapore Exchange (SGX) has launched interest rate swaps (IRS) central counterparty (CCP) clearing service, by adopting Calypso Technology's software solution.

The launch clearing service marks the first OTC financial derivatives central clearing service in Asia.

Calypso Technology chairman and CEO Charles Marston said the partnership with SGX, a respected and innovative exchange, further underscores the deepening expertise in OTC derivatives central clearing.

"Through our work with SGX and other global exchanges, we continue to help bring central clearing services to financial markets around the world. We are delighted to be working with SGX and to be further expanding our presence in the APAC region," Marston said.