SGX AsiaClear sets sight on becoming Asia's CCP for rates and FX swaps
SGX president Muthukrishnan Ramaswami says the new interbank OTC clearing service for SGD and USD interest rate swaps will target Asian banks as a start, and soon global investment banks that trade with Asian counterparties. Asian local currencies non-deliverable forwards are also in the pipeline, according to sources
AsiaClear, the over-the-counter derivatives clearing arm set up by the Singapore Exchange (SGX) in 2006, has moved a step closer to becoming the regional central counterparty (CCP) clearer for both Singapore and US dollar interest rate swaps for Asian local banks that currently are not members of global independent clearers, such as the LCH.SwapClear.
SGX president, Muthukrishnan Ramaswami, told Asia Risk in an interview on September 20 that OTC interest rate derivatives will start being cleared
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