From a press release issued by SGX...
1 December 2010 – Singapore Exchange (SGX) today welcomes Credit Suisse AG to its SGX AsiaClear service as SGX Bank Clearing Member for the clearing of over-the-counter (OTC) traded financial derivatives.
Mr Muthukrishnan Ramaswami, President of Singapore Exchange, said, “We welcome Credit Suisse to SGX. With the addition of Credit Suisse, we now have a total of 10 bank clearing members that are active in the OTC traded financial derivatives. Following our launch on 15 November, we are seeing more global and regional banks coming forth with interest to participate in our clearing service. Banks see benefits in using SGX’s central counterparty clearing services to reduce counterparty risk and facilitate their business growth.”
“Credit Suisse is delighted to have become a clearing member of SGX’s OTC financial derivatives clearing service, which strengthens our capabilities in the interbank interest rate swap market,” said Lito Camacho, Vice Chairman for Asia Pacific and Singapore CEO, Credit Suisse. “By pioneering exchange-based derivatives clearing in Asia Pacific, the SGX has underlined Singapore’s status as an innovative regional financial centre. The introduction of this service helps reduce systemic risk in the swap markets and Credit Suisse looks forward to working with the SGX as it develops clearing services for a greater range of OTC derivatives.”
For more information on the new clearing facilities, please visit: www.sgx.com