The Singapore Exchange (SGX) has contracted with Swedish technology group and exchange operator OMX for the supply and implementation of a clearing system for derivatives and securities trading.
The OMX system, which is slated for launch in 2009, will serve as the clearing platform for SGX's derivatives, securities and OTC clearing businesses.
OMX says its technology will enhance SGX's ability to clear a wider range of products and offer a new set of clearing services to members. The open interface feature of the clearing system will enable straight-through-processing and boost operational efficiency.
Hsieh Fu Hua, CEO, SGX, says the OMX clearing system "will meet the needs of our growing clearing business".
Last year OMX won a contract to supply an order management system (OMS) to SGX. That deal followed the successful deployment of SGX Quest, an integrated trading engine for SGX's securities and derivatives market which is based on OMX's Click XT technology.