Under the terms of the contract, OMX will implement and support Sicom's new Web-based trading and clearing platform for commodity derivatives.

Market participants will be able to access the platform through proprietary order management systems or a Web-based trading tool offered by the exchange.

Lim How Teck, chairman, Sicom, says the Internet-based electronic platform will appeal to a wider market segment, who are keen to capitalise on the recent boom in commodity prices.

"The new system enables investors to easily access our market and also creates a foundation for the launch of new commodity derivatives contracts," he adds.

The new platform is scheduled to be operational at Sicom in Q3 2008.

Earlier this week OMX reported a deal to provide a clearing system for derivatives and securities trading to the Singapore Exchange (SGX).