The Singapore Mercantile Exchange (SMX), launched on 31 August, has completed its first trade, clearing and settlement cycle.
The first contract to be traded on the SMX was by J.P. Morgan, via a Singapore-based brokerage. Phillip Futures, a Singapore-based brokerage, cleared the SMXs first trade.
The exchange launched gold, oil and euro-dollar futures at the beginning of the week. Initial trading was slow on SMXs opening day with 91 lots of gold traded, and 53 deals of West Texas Intermediate crude oil for October settled. Euro-US dollar futures for December traded at US$1.2681, with 54 contracts made.
Further products will be rolled-out in energy, agriculture, metals (precious and base), currencies and indices.
The exchange is the regions first Asian multi-product commodity and currency derivatives exchange.
Jignesh Shah, Vice-Chairman of SMX and chairman and group CEO of Financial Technologies (India), said: Our inaugural trading, clearing and settlement cycle was successfully completed and we would like to thank all technology, data services partners and members of the exchange for a good start.
At this point in time our focal point is establishment of a rock solid foundation for trading and risk management systems with a good measure of emphasis on research and implementing robust operational procedures, Shah added.
Mr Thomas J. McMahon, chief executive officer of SMX, said: The most important part is that a full trading, clearing and settlement cycle has been completed successfully while pay-ins and pay-outs for a full trading cycle from 10am to 2.30am the next morning was successfully made operational.