Singapore Exchange Limited (SGX) announced today that SGX AsiaClear® has increased its volume of over-the-counter (OTC) trades cleared in 2008 by 98% to 50,797 contracts compared to 2007. The total value of the trades cleared was US$6.3 billion. AsiaClear’s network of trading counterparties expanded to 260 counterparty accounts at the end of December 2008, representing a more than 60% increase compared to end of December 2007.
In recognition of the efforts by market participants, SGX AsiaClear is presenting awards to its top OTC inter-dealer brokers and clearing members at a reception this evening. The awards will be presented by Guest-of-Honour, Brigadier General Tay Lim Heng, chief executive of the Maritime and Port Authority of Singapore.
Benjamin Foo, head of AsiaClear and Clearing and Commodities Business at SGX said, "The AsiaClear team is committed to growing and supporting our community of trading counterparties. We will continue our marketing, education and product development efforts to further increase awareness and enhance benefits of SGX AsiaClear OTC clearing facility.”