The FINANCIAL -- Intercontinental Exchange on June 25 announced that KGI Ong Capital Pte. Ltd., Phillip Futures Pte Ltd and UOB Bullion and Futures Limited (UOBBF) have been approved as the first three clearing members for ICE Clear Singapore. ICE Futures Singapore and ICE Clear Singapore have received all regulatory approvals from the Monetary Authority of Singapore (MAS).
“We are honoured to be one of the first clearing members of ICE Clear Singapore. As we are witnessing a growing demand for ICE products from Asia, we are pleased to offer these products to our clients and we are committed to be part of this dynamic growth,” said Mr Ong Ka Thai, President & CEO of KGI Ong Capital.
"It is our great pleasure to be among the first brokers to obtain clearing membership of ICE Clear Singapore,” said Mr. Teyu Che Chern, CEO of Phillip Futures. “With PhillipCapital’s network offices located globally, we see good potential in our cooperation with ICE Clear Singapore to continuously provide our regional clients with suitable products for their trading needs.”
Mr Matthew Png, Managing Director and CEO, UOBBF, said that the clearing membership complements the Bank’s trading services and broking solutions. “Asian investors and corporates are seeking to diversify their investments through various futures and options instruments that are listed on ICE. As a Singapore-based broker, we are best placed to support our clients’ trading needs in the region by providing timely and reliable clearing services for ICE Clear Singapore products and transactions during regular business hours,” Mr Png said.
“We are pleased to welcome KGI Ong Capital, Phillip Futures and UOB Bullion and Futures as the first clearing members of ICE Clear Singapore,” said Lucas Schmeddes, President & COO, ICE Futures Singapore and ICE Clear Singapore. “We continue to see strong interest from market participants and we are working with them through the onboarding process. We will continue to update the market on our progress in regards to member and customer preparations and launch details.”
The establishment of ICE Futures Singapore and ICE Clear Singapore will support an expanded customer base and the further development of the derivatives markets in Asia with a local exchange and clearing presence. ICE has had a presence in Singapore since 2000 serving customers in the global energy markets. In recent years, Asia-based trading activity in our benchmark commodity and interest rate products has been rising as the region assumes a greater role in global derivatives markets, according to Intercontinental Exchange.