Singapore Exchange moves into clearing
The move comes months after the Clearing Corporation of India (CCIL) launched a similar clearing and settlement service for FX forwards (FX Week, December 2, 2009). At least 10 banks have signed up to CCIL, including Standard Chartered and the State Bank of India.
"The expansion of SGX-DC's service is aligned with global recognition of the benefits of central counterparty (CCP) clearing for over-the-counter contracts,” the Singapore exchange said. “CCP clearing reduces counterparty credit risk
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