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Deutsche Bourse to build new clearing business in Singapore

20 February 2014  |  3803 views  |  0 Singapore Building 1

Deutsche Börse has earmarked an additional EUR30 million in spending to spur plans for new growth initiatives over the coming year, including the creation of a central counterparty clearing house in Singapore.

In a statement to analysts, chief executive Reto Francioni said the German exchange was intent on growing its business in new overseas territories, with a particular focus on Asian markets.

Francioni described Singapore as the focal point for the Exchange's activities in Asia, confirming that it is in the process of establishing a new clearing house on the island.

"We expect this to have high strategic development potential," he says. "Our objective is to provide long-term, client-oriented products and a robust infrastructure across the entire Asian time zone form this base and thus to contribute to the systemic stability of the region's capital markets."

Clearing subsidiary Clearstream has also signed a letter of intent with the Singapore Exchange to collaborate on the development of a collateral management platform which can be expanded to other markets in the region.

Earlier this year, Deutsche Börse also announced that it intends to take a five percent stake in a new benchmark index in Taiwan that is under development by derivatives subsidiary Eurex in co-operation with local futures exchange Taifex.

The company is also targeting 20%-40% revenue growth in the next four years, after realising 30% in annual savings due to new efficiency initiatives outlined last year, including the merger of its IT and market data units. It plans to achieve another 30% in 2014, and is on course to hit its stated target of EUR70 million in annual savings by 2016.

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