Singapore brokers are rising to challenge of investing for domestic clients and helping Western firms tap Asia
Singapore-based firms are expanding their geographic reach
by becoming clearing members of global exchanges in a move
partly spurred by the liberalisation of regional markets.
This week the futures arm of United Overseas Bank (UOB),
Singapore’s third largest bank, became a clearing
member of all CME Group’s markets.
The addition of UOB brings the number of CME’s
Singapore-based clearing members to three, which include
Phillip Futures and Straits Financial, and increases the
Merc’s Asian clearing members to six.
The CME win follows UOB’s approval last month
to join Eurex as its first Asian clearing member.
UOB also joined the Dubai Gold and Commodities Exchange
(DGCX) in March this year.
Singapore-based Phillip Futures has also been on a path of
expansion this year.
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