Singapore Exchange to launch Asian FX futures in November
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Singapore Exchange to launch Asian FX futures in November
Singapore Exchange to launch Asian FX futures in November |
Business & Markets 2013 |
Written by Reuters |
Monday, 28 October 2013 18:29 |
SINGAPORE (Oct 28): Singapore Exchange Ltd said on Monday that investors will be able to trade foreign exchange futures for deliverable and non-deliverable Asian currencies, through the bourse from next month.
The move is part of SGX's efforts to capitalise on the global drive by regulators, to push more derivatives trading onto exchanges, and reduce the volume that is done over-the-counter (OTC).
SGX said the service will be launched from Nov 11 and initially, it will launch futures for six currency pairs — Australian dollar/U.S. dollar, Australian dollar/yen, U.S. dollar/Singapore dollar, U.S. dollar/Indian rupee, U.S. dollar/Korean won, and yen/won. It added that it hopes to add more currency pairs over the next 12 months.
"The trading of FX derivatives on a regulated exchange platform will promote greater transparency, and better serve investment and risk management needs in the Asian time zone," the city-state's stock and futures market operator said, in a statement.
Singapore is the world's third-largest FX trading centre, after London and New York.
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