SMX signs MoU with TOCOM for derivatives trading
Tokyo Commodity Exchange and Singapore Mercantile Exchange will explore co-operation and partnership for market reach expansion with the signing of a Memorandum of Understanding.
According to a joint release, “Under the terms of the MoU, both parties will work together with a view to explore mechanisms which will enhance market liquidity and system efficiencies within each Exchange, including the joint development of new business opportunities.”
Thomas McMahon, CEO of SMX said, “TOCOM’s enthusiasm for bilateral advancement of the Asian Commodity Derivatives Market in partnership with SMX firstly is testament to the special position SMX is in to unify what is still a very fragmented Asian derivative landscape into a consistent workshop for global benchmark trading prices and indices. Our MoU with TOCOM falls in line with our long term strategy to be the one-stop comprehensive product-range hub exchange which ties in all physical and derivative commodity players during pan-Asian trading hours.”
TOCOM President & CEO Tadashi Ezaki said, “We have cultivated a good working relationship with the Financial Technologies group through our cooperation with many of FT’s established Exchanges such as the Multi Commodity Exchange of India (MCX). I am thus delighted to see that we were able to further strengthen this partnership through the signing of this MoU with SMX, the FT group’s latest set-up in Singapore. We wish to work together to improve the trading convenience of both markets by providing risk management tools that meet the needs of investors and traders in the region, which I believe shall contribute to our efforts to firmly position ourselves as a primary derivatives exchange in Asia.”
