Singapore Mercantile Exchange (SMX) has received the final approval to operate as a regulated and licensed exchange from Monetary Authority of Singapore (MAS).
To date, SMX has announced four products which will be traded when the exchange goes live – a Gold Futures Contract with physical delivery, West Texas Intermediate (WTI) Crude Oil, Brent-Euro Crude Oil and Euro-US Dollar Futures Contracts.
It also recently concluded the market-wide testing of its electronic trading platform, risk management and clearing and settlement systems.
SMX CEO Thomas McMahon said this development brings SMX a step closer towards revolutionizing the Asian commodities ecosystem. It will empower Asian economies to be price setters, facilitate the creation of premium Asian benchmarks and effectively position Asia as the center of global commodity market growth.