Cleartrade Exchange Pte Ltd, the OTC electronic global marketplace for freight and commodity derivatives, today announced it will be using all modules of Baymarkets Edge OTC trading platform, including Marketplace, Credit Filter, and Clearing Gateway, to provide real-time processing for its trade execution facilities.
This will address the increasing need for a truly electronic global marketplace for OTC freight and commodity derivatives and provide international access.
In an industry first for the freight and OTC swaps commodity markets, the Baymarkets technology will enable Cleartrade Exchange to provide increased levels of market access, speed of transactions and automation, with resulting operational efficiencies not previously seen in the global shipping markets.
Cleartrade Exchange was recently granted recognised market operator (RMO) status by the Regulatory Authority of Singapore and Peter Fredriksson, CEO and co-founder of Baymarkets, said: "I would like to congratulate Cleartrade Exchange on receiving RMO status. We are very enthusiastic about working with them and with their implementation of our EDGE OTC trading platform; I believe this is the start of a successful foundation to their becoming one of the leading execution venues in the commodities world."
Cleartrade Exchange is open to membership from interdealer brokers, principal and investment traders and general clearing members. Immediate benefits for members will include electronic order input, price and volume discovery, pre- and post-trade order management and processing of trades with straight-through processing (STP) to nominated clearing houses. This enables General Clearing Members (GCMs) to control credit limits for principals in the Credit Filter, which is dynamically updated and holds the aggregated margin requirements in a portfolio.
Richard Baker, Managing Director of Cleartrade Exchange, said: "Our markets are experiencing a rapid transition from manual to hybrid and STP, both of which demand a flexible platform. We are very pleased to have implemented Baymarkets' state-of-the-art technology. Functionality, agility, timing and the strength of experience of the Baymarkets team in OTC trading were key components when selecting them."