The Nasdaq OMX Group, (NASDAQ:NDAQ) and the Singapore Commodity Exchange (SICOM) report successful launch of e-Sicom, Sicom's new electronic trading and clearing system for commodity derivatives.
e-SICOM went live on September 29th, and has since received acknowledgement from participating members and investors. NASDAQ OMX delivers the trading andclearing engine, while leading IT professional service provider, NCS Group,provides infrastructural IT services.
e-SICOM's web-based interface enhances access for market participants and actsto create a more efficient marketplace and trading experience for commodity derivatives in Singapore. The new system also allows SICOM to more quickly and easily introduce new commodity products at its exchange.
"The system launch marks an important milestone for SICOM as it paves the wayfor easier and more open access to the commodities market," said Mr Jeremy Ang, Chief Executive Officer of SICOM. "Leveraging world-leading technology from NASDAQ OMX, our e-SICOM platform is built to create an efficient and liquid commodity marketplace in Singapore, and also makes it easier to add newproducts to our existing suite."
"It is very rewarding to have launched a system that will put SICOM in the forefront of international commodity exchanges," said Mr. Lars Ottersgård, Senior Vice President Market Technology at NASDAQ OMX. "e-SICOM represents our fifth exchange system to go live this year and our third in Singapore, afterearlier this year launching both market data and trading systems at theSingapore Exchange."
"We are very pleased to support SICOM in making it possible to enter into a newera of e-trading. Our strong infrastructure management solutions ensure operational efficiencies and quality delivery of the system," said Mr. Chang Chew Lik, General Manager at NCS Financial Services. "Together with NASDAQ OMX, our complementary capabilities and shared commitment to excellence in service delivery ensure successful delivery of the project."