13 Jan '11, 9am

DTN Singapore: ICIC Bank clears trading activities for SMX: SINGAPORE: The Singapore branch of India's ICICI Ban...

SINGAPORE: The Singapore branch of India's ICICI Bank said it has started clearing and settling trade activities for the Singapore Mercantile Exchange (SMX). It cleared its first trade on December 30 last year for the SMX Singapore-deliverable gold futures contract. Singapore is the first location for an Indian bank to clear and settle futures contracts for an exchange outside India. ICICI Bank's SMX membership came close on the heels of the opening of the bank's first retail branch in Singapore. Trading on the fully-electronic SMX platform went live in the second half of last year with futures contracts for West Texas Intermediate crude oil, Brent crude oil denominated in Euros, gold with physical delivery-based settlement, and Euro-US Dollar currency futures. ICICI Bank currently clears and settles trades for its regional and international customers, and can do so for an...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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