ICICI Bank signs up as special clearing member of SMX

The Indian bank’s Singapore branch will clear and settle trades for its regional and international customers.

The Singapore Mercantile Exchange announced that the Singapore branch of ICICI Bank, India’s second largest bank, has come on board as a Special Clearing Member of the Exchange. It is the first time that an Indian bank’s branch in Singapore is clearing and settling futures contracts for an exchange based in Singapore.

In a statement, SMX said that as a Special Clearing Member, ICICI Bank will clear and settle trades for its regional and international customers, including any other Non-Clearing Member, i.e. Broker Member or Trade Member, of the Exchange.

Eng Keat Lee, International Director – Asia Pacific of the Singapore Economic Development Board, said “We are delighted that ICICI has chosen Singapore to be the first location for an Indian bank to clear and settle future contracts for an exchange outside India. This will enhance Singapore’s risk management infrastructure and further strengthen Singapore’s growing position as a regional and global trading hub for the commodities industry.”

Framroze Pochara, Executive Director of SMX and CEO of SMX Clearing Corporation., said: “The appointment of ICICI Bank as a Special Clearing Member of SMX is a significant move for both parties. ICICI Bank’s bold move to step out to be the first Indian clearing bank for an offshore exchange, speaks volumes about its ground-breaking position in the marketplace and SMX as a world-class exchange for derivatives trading during the Asian time zone.”