SMX to begin trading cash-settled AUD-USD, USD-JPY futures

Six consecutive monthly contracts of each currency pair will trade Monday to Friday from 10.00am up to midnight SGT starting from April 29.

According to Singapore Mercantile Exchange, contract sizes will be of 25,000 AUD and 25,000 USD for the AUD-USD and USD-JPY pairs respectively to make it more accessible to all segments of traders, investors and hedgers. Clearing and settlement of USD-JPY futures will be in JPY through the Singapore Mercantile Exchange Clearing Corporation (SMXCC), with AUD-USD contracts in USD. Contracts are finally settled against the London Currency Fixing Rate at 1600 London Time on the last trading day.

“We are very pleased with the recent product launches and would like to express our gratitude to all our clearing members, clearing banks, independent software vendors (ISVs) and other service providers for extending their fullest co-operation to bring these products to the market. The customized Australian Dollar and Japanese Yen futures are expected to attract local and regional traders to hedge their currency risks and benefit from price discovery during extended SMX trading hours across Asian, European and US time zones", said Spencer Campbell, Senior Vice President, Business Development and Marketing of SMX.