SGX, the Singapore stock exchange, is formulating plans to clear over-the-counter derivatives, according to a report in the Financial Times.
Gan Seow Ann, head of markets at SGX, said that he did not believe that CDS clearing was a possibility in Asia, but other areas such as indices, FX, and interest rate swaps could be cleared.
The Japan Securities Clearing Corporation and Tokyo Stock Exchange have also expressed interest in OTC derivatives clearing, promising to set up a working group in order to clear CDS and interest rate swaps by mid 2010.