18 August 2017
visit www.avoka.com

Singapore Mercantile Exchange appoints Standard Chartered as clearing bank

23 July 2009  |  1765 views  |  0 Source: Singapore Mercantile Exchange

Singapore Mercantile Exchange (SMX) today announced appointment of Standard Chartered Bank as their Clearing and Settlement Bank.

Standard Chartered Bank will provide electronic funds transfer and settlement processing services as well as maintain member clearing accounts to facilitate settlement of transactions executed on the Exchange.

In addition to providing clearing banking facilities to clearing members of SMX, Standard Chartered Bank also provides employee banking services to the company.

SMX will employ a sophisticated straight-through-processing solution developed by Financial Technologies India Limited (FTIL) for settlement of trade obligations. This solution enables efficient fund transfer between accounts of SMX Clearing Corporation (a wholly owned Clearing House of SMX) and its clearing members maintained with Standard Chartered Bank. As SMX would facilitate trading across multiple time zones spanning from Asia to United States, special processes will be implemented by SMX and Standard Chartered Bank to support clearing in the extended trading window.

Noting the important role of the clearing bank in supporting the operations of an Exchange, Mr Thomas McMahon, SMX's Chief Executive Officer, said: "As an international bank with a strong presence in Asia, Standard Chartered Bank is an ideal partner for SMX. The Bank's leadership in transaction banking and expertise in clearing bank operations globally provides greater convenience to SMX clearing members as they operate in markets across the world and across time zones."

Jiten Arora, Regional Head of Transaction Banking, Southern Asia, Standard Chartered Bank said: "This appointment as clearing bank for Singapore Mercantile Exchange reflects our position as leading clearing bank for exchanges in Singapore. We have developed special capabilities to provide extended processing hours and timely reporting to Singapore Mercantile Exchange and their clearing members."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related company information

Standard Chartered Bank

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.dorsum.euvisit www.worldpaymentsreport.com

Who is commenting?

Top topics

Most viewed Most shared
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
10097 views comments | 8 tweets | 16 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8377 views comments | 1 tweets | 3 linkedin
hands typing furiouslyCompliance: Overcome the data deficit
7819 views 0 | 1 tweets | 9 linkedin
PayPal buys Swift Financial to boost working capital bizPayPal buys Swift Financial to boost worki...
7769 views comments | 13 tweets | 7 linkedin
Uneasy sits the crown as cash use continues declineUneasy sits the crown as cash use continue...
7736 views comments | 3 tweets | 7 linkedin