SMX Appoints Standard Chartered as Clearing Bank
Singapore Mercantile Exchange (SMX) has appointed Standard Chartered Bank as its clearing and settlement bank. Standard Chartered will provide electronic funds transfer and settlement processing services, as well as maintain member clearing accounts to facilitate settlement of transactions executed on the exchange.
In addition to providing clearing banking facilities to clearing members of SMX, Standard Chartered also provides employee banking services to the company.
SMX will employ a straight-through processing (STP) solution developed by Financial Technologies India (FTIL) for settlement of trade obligations. This solution enables efficient fund transfer between accounts of SMX Clearing Corporation (a wholly-owned Clearing House of SMX) and its clearing members maintained with Standard Chartered. As SMX would facilitate trading across multiple time zones spanning from Asia to the US, special processes will be implemented by SMX and Standard Chartered to support clearing in the extended trading window.
Thomas McMahon, SMX’s chief executive, said: “As an international bank with a strong presence in Asia, Standard Chartered is an ideal partner for SMX. The bank’s leadership in transaction banking and expertise in clearing bank operations globally provides greater convenience to SMX clearing members as they operate in markets across the world and across time zones.”