Singapore Mercantile Exchange (SMX), a pan-Asian multi-product commodity and currency derivatives exchange, is set to go live for trading after completing the conformance test with Independent Software Vendors, on 31 August 2010.
SMX will offer an integrated and single-platform for multiple products.
The first phase of product launches will include a gold futures contract with physical delivery, West Texas Intermediate Crude Oil, Brent-Euro Crude Oil and Euro-US Dollar Futures Contracts, amongst others, according to the SMX.
The first phase of product launches will be followed by multiple product launches to be introduced in the market after consultation with industry participants.
SMX vice chairman and Financial Technologies Group CEO Jignesh Shah said that SMX’s platform will herald Asia’s first stand-alone and next-generation global derivatives exchange for unrestricted cross-border trading in futures, options and other derivatives across multiple asset classes.
“We are looking forward to our newest venture to establish a footprint for transparent electronic trading that will manifest itself as a major platform for price discovery for commodities trading in Asia,” Shah said.
SMX CEO Thomas McMahon said that SMX’s launch is a step in the right direction as we leverage off Singapore’s unique position as a premier financial and commercial hub in the region.
“The launch will provide market players in Asia the flexibility to trade products generic to regional trade flows within the Asian business day,” McMahon said.