Singapore Exchange (SGX) and OMX today announced that they have signed an agreement to implement a new clearing system using OMX technology to enhance SGX’s derivatives and securities clearing capabilities. The new system will serve as the clearing platform for SGX derivatives, securities and OTC clearing businesses. It is targeted for launch in 2009.
The OMX clearing technology will enhance SGX’s capability to clear a wider range of products and offer a new set of clearing services to its members. The open interface feature of the clearing system will enable straight-through-processing and further boost operational efficiency for SGX and its members.
This new clearing system is part of SGX’s ongoing efforts to transform its IT infrastructure in line with the needs of its businesses and the marketplace.
"Our partnership with OMX includes our current QUEST-DT engine, the new data feed system that is targeted for launch in first quarter of 2008, and the new securities trading engine, QUEST-ST, in July 2008. We chose the OMX clearing system as it is a proven technology that will meet the needs of our growing clearing business. We are pleased to expand our relationship further with OMX by leveraging on their technology and global experience," said Hsieh Fu Hua, ceo, SGX.
"The fact that OMX has been selected to deliver clearing systems to SGX is an acknowledgement of our position as a leading exchange technology provider, and also of our strong relationship with SGX. We are proud to have a strong exchange such as SGX among our customers, and look forward to continue building our long-term relationship," said Magnus Böcker, ceo OMX.
