The Nordic exchange operator and technology house OMX has won a contract to supply and implement a new clearing system for the Singapore Exchange (SGX).
The system is expected to go live in 2009, from which point it will be used as the clearing platform for the SGX’s derivatives, securities and OTC clearing businesses.
SGX expects the new platform to enable it to clear a wider range of products and offer a new set of clearing services to members, while boosting operational efficiency at the Exchange.
Magnus Böcker, CEO of OMX, said: “The fact that OMX has been selected to deliver clearing systems to SGX is an acknowledgement of our position as a leading exchange technology provider, and also of our strong relationship with SGX.”
OMX and SGX worked together last year to develop SGX QUEST, an integrated trading engine for the SGX securities and derivatives market based on OMX technology.
