US futures brokerage Refco has taken over the lease for The Singapore Stock Exchange's (SGX) global electronic trading centre (GETC).
The GETC facility was set up in October 2002 to provide traders with direct access to the exchange's derivatives market and overseas markets via order-routing services. SGX says the number of locals using the centre has grown from 20 in 2003 to more than 100.
Under the agreement, Refco Singapore will assume control of the existing operations of GETC from 1 August 2005. The facility will be managed and operated by Refco's trading services division, which operates trading arcades.
Ollie Jones, MD, Refco Trading Services, says: "Asia-Pacific represents a tremendous opportunity for us. It is a new growth area, not only for finding the next generation of electronic traders, but also to provide access for our European and North American offices into the burgeoning Asian futures markets, most notably SGX derivatives."
Commenting on the deal, Gan Seow Ann, EVP and head of markets, SGX, says: "As the market evolves, we would like market participants to take a more active role in operating services catering to the electronic trading market."
SGX says locals will be able to continue using the electronic trading facility. Refco is currently working out a trading package that includes multi-market access, training and education for Locals.