Source: The Clearing Corporation, Financial and Energy Exchange
The Clearing Corporation (TCC), the world's only independent derivatives clearinghouse, and the new Financial and Energy Exchange (FEX) for Asian-based derivative products located in Sydney Australia, today announced that they have entered into an agreement for TCC to provide clearing and settlement services for derivatives products traded on FEX.
FEX, which is scheduled to launch its derivatives market in 2008, will offer derivative instruments to global investors and traders on a variety of energy, environmental and financial products. This follows the September 2007 launch of FEX's Sustainability Investment Market (SIM), a specialized equities market for CleanTech and Sustainable businesses, which was attended by former US Vice President Al Gore.
Michael C. Dawley, Chairman of TCC, said "The Clearing Corporation is pleased to join with FEX and to expand TCC's clearing presence to the Australian and Asian markets. We look forward to providing our extensive suite of clearing services for FEX's innovative exchange."
Brian Price, founder and Executive Director of FEX, said FEX chose The Clearing Corporation as its strategic partner because of its independence and global expertise in derivatives clearing.
"The Clearing Corporation has more than 80 years experience in clearing many of the most important commodity and financial derivatives in the world," Price said. "In choosing our clearinghouse, we needed a clearing services provider with global credibility and competence and we are glad we have found it in The Clearing Corporation."
Brett Paulson, President and Chief Operating Officer of TCC, said work has already begun on the development and implementation of the clearing and settlement platform for FEX. "We are delighted to be associated with FEX's initiatives to expand global market opportunities, and fully support their strategy to provide a single platform for trading energy, environmental and financial instruments."