OMX, a provider of technology services for exchange industry, and Singapore Exchange have signed an agreement to implement a new clearing system to enhance Singapore Exchange’s derivatives and securities trading capabilities.
Under the agreement Singapore Exchange (SGX) will implement a new system from OMX that will serve as the clearing platform for SGX derivatives, securities and OTC clearings businesses. The implementation of the new clearing system is part of SGX’s ongoing efforts to transform its IT infrastructure to match the demand of its growing business and the needs of the marketplace. The system is targeted for launch in 2009.
The system from OMX 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 OMX clearing system provides straight-through-processing and boosts operational efficiency for both SGX and its members.
Hsieh Hua, CEO of SGX, said: 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 a clearing system from OMX as it is proven technology that will meet the needs of our growing clearing business.