SGX, BOC, BOCI extend MOU to bring in more RMB initiatives

Such as RMB-denominated products and derivatives contracts.

BOC and SGX signed an MOU in 2013, agreeing to strengthen the RMB infrastructure in both markets.

In a media release, SGX announced that it will expand this MOU and include more RMB-denominated products and solutions, such as the development of RMB-denominated commodities and derivatives contracts, as well as enhancing RMB clearing and settlement services.

Chew Sutat, Executive Vice President of SGX, said, “We look forward to expanding our partnership with Bank of China and BOCI to provide global investors with more RMB-denominated products and services. Singapore is a key offshore RMB centre and today’s announcement reinforces SGX’s commitment to strengthen the connectivity between China and Singapore.”

Under the framework for collaboration, BOCI and SGX will provide customers with greater access to growth opportunities in China and Singapore markets, through joint marketing. This is BOCI’s first comprehensive collaboration inked with an exchange, and will see BOCI take up SGX memberships and market making arrangements.

The framework for collaboration was signed today in Singapore and witnessed by Chen Siqing, president of BOC and Magnus Böcker, CEO of SGX in Singapore.