BNP Paribas has been admitted as a Bank Clearing Member for listed derivatives on the Singapore Exchange.
The move comes months after the French bank announced it had been granted a custody licence by the Securities and Exchange Board of India. BNP Paribas launched listed derivatives clearing services in India in 2009
“This marks an important milestone in our strategy to offer a “One-Stop Shop” solution for clients trading into the Pan-Asian Listed Derivatives Exchanges said Mohan Subramaniam, head of product and sales for listed derivatives in Asia Pacific. The SGX membership marks an important addition to our ambitious plan to become a full clearing member in all the key Pan-Asian exchanges.
The announcement is a positive one for SGX. The exchanges new chief executive, Magnus Bocker, recently said that the Singapore Exchange aims to increase revenue from derivatives and a market data services.