Singapore Exchange Welcomes Haitong International as Clearing Member

Singapore Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (SGX) announced today that Haitong International Singapore, a leading financial services provider, has joined SGX as a Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term member in its securities and derivatives market. SGX welcomed Haitong as a depository agent of The Central Depository (Pte) Limited (CDP).

According to the official announcement, Haitong International Singapore has been a trading member of SGX’s securities and derivatives markets since 2014. Haitong International Group offers various financial services and has a wide global financial servicing network covering the world’s major capital markets including Hong Kong, Singapore, New York, London, Tokyo, Mumbai and Sydney.

Singapore Exchange mentioned that SGX’s securities market has a total of 25 trading members along with 25 clearing members. As far as the derivatives market is concerned, the exchange has 60 trading members and 26 clearing members.

Commenting on the latest announcement, Chew Sutat, Senior Managing Director, Head of Global Sales and Origination at SGX, said: “We are pleased to welcome Haitong International Singapore as our Securities and Derivatives Clearing Member and CDP Depository Agent. With their presence in Singapore and strong footprint across Greater China, we look forward to working with them to enhance the distribution of our growing suite of securities and derivatives products to their network of clients and strengthen the link between Chinese investors and capital markets in Singapore.”

Expansion

Singapore Exchange has expanded its list of trading and clearing members in recent months with the addition of some of the leading names in the Asian financial sector. In December 2020, SGX welcomed China International Capital Corporation (CICC Singapore) as a securities trading member. SGX reported growing trading activity across different financial products in 2021. The exchange reported a surge in FX futures volume in February 2021 as the total foreign exchange (FX) futures trading volume jumped by 7% to 2.3 million contracts during the last month.

“It is an important milestone for Haitong International and reflects our commitment in developing our Singapore businesses and strengthening ties with our existing and potential clients,” Henry Shi, Executive Committee Member and Group Head of Global Markets of Haitong International Securities Group, mentioned in the official press release.