From a press release issued by the SMX...
Singapore, 17 August 2010 – Singapore Mercantile Exchange (SMX), the first pan-Asian multi-product commodity and currency derivatives exchange, today announced that the Exchange will go live for trading on 31 August 2010.
With rapid economic expansion in the region and Asia's demand for commodities, SMX is strongly positioned to offer an integrated and single-platform for multiple products. It has completed conformance testing with Independent Software Vendors (ISVs) and industry-wide testing with member firms prior to its impending launch.
Mr. Jignesh Shah, Vice Chairman of SMX and Group CEO of Financial Technologies Group, said, “SMX's platform will herald Asia‟s first stand-alone and next-generation global derivatives exchange for unrestricted cross-border trading in futures, options and other derivatives across multiple asset classes. We are looking forward to our newest venture to establish a footprint for transparent electronic trading that will manifest itself as a major platform for price discovery for commodities trading in Asia. SMX is well poised to unlock the immense potential of Asia and further position the region as a leading derivatives trading hub."
Mr. Thomas J. McMahon, CEO of SMX, said, “We are witnessing Asia's expanding influence on the global commodities market. SMX's launch is a step in the right direction as we leverage off Singapore's unique position as a premier financial and commercial hub in the region. The launch will provide market players in Asia the flexibility to trade products generic to regional trade flows within the Asian business day.”
The Monetary Authority of Singapore (MAS) recently granted SMX 'Approved Exchange' status to operate as a regulated and fully licensed exchange.
The first phase of product launches will include a Gold Futures Contract with physical delivery in high-security vaults in Singapore, West Texas Intermediate (WTI) Crude Oil, Brent-Euro Crude Oil and Euro-US Dollar Futures Contracts, amongst others. The first phase of product launches will be followed by multiple product launches to be introduced in the market after consultation with industry participants.