Happy Birthday: SMX turns 1

Singapore Mercantile Exchange has traded more than 400,000 contracts valued at an amazing US$ 16b.

Singapore Mercantile Exchange successfully completed 259 Clearing & Settlement cycles and has traded more than 400,000 contracts valued at US$ 16 billion.

It achieved a Single-day benchmarked peak performance of 10,154 contracts traded in July ‘11 and 14,746 in August ‘11.

Ang Swee Tian, Chairman of SMX, said, “It gives me great pleasure that SMX has completed its first year of operations as a pan-Asian commodity and currency derivatives exchange and that it has attracted some of the globally renowned names in derivatives trading. I can say with confidence that SMX is geared up to establish more milestones in the times to come as it expands its bouquet of tradable contracts and reaches out to industry participants and target group s across resource rich Asia.

Jignesh Shah, Vice-Chairman, SMX & Group CEO, expresses much gratitude for the continued support, “On the successful completion of the first year of our operations, I would like to thank our Regulator, Clearing Members, Trading Firms and all other Ecosystem Partners for their continued support and enthusiastic contribution as we progress towards creating a global institution & Asian price benchmarks from Singapore. SMX is a prestigious project for FT Group amongst the 10 exchanges being managed globally. It gives me immense pleasure to witness the progress made and we remain committed to bringing the best of talent and systems in green-field exchange development to enable it achieve a pivotal position for SMX from Singapore in the world of commodities trading,” he said.

“In the first year SMX has lived up to its commitment of setting up a robust technology and risk management system for process - driven exchange and launched 12 commodity and currency derivatives contracts. In the 2nd year on this strong foundation, we plan to focus on product innovation and building strong business to make SMX and Singapore the global epicenter for commodity & currency derivative s trading,” said V Hariharan, Interim CEO, SMX.