Singapore, Korea Exchanges Collaborate for OTC Clearing
Singapore Exchange (SGX) and Korea Exchange (KRX) have signed a Memorandum of Understanding (MOU), underlying their efforts.
SGX has been clearing OTC derivatives since November 2010, while KRX plans to begin in Q2 or Q3 of this year, following last week's announcement by the South Korean Financial Services Commission (FSC) that OTC derivatives must be cleared centrally.
"Clearing through a central counterparty is becoming a necessity for OTC market participants," says Muthukrishnan Ramaswami, president of SGX. "SGX is pleased to join KRX in exploring opportunities to serve OTC participants in both our markets better."
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