The Singapore Exchange (SGX) announced this Friday that INTL FCStone Pte. Ltd., a subsidiary of INTL FCStone Inc., has joined as a Trading and Clearing Member of its derivatives market.
By welcoming the subsidiary, SGX has been able to expand its global distribution network, particularly across North America. INTL FCStone Inc. is a Fortune 500 company and diversified brokerage and financial services firm.
The brokerage is headquartered in New York and offers to trade in multiple assets. The firm has a solid presence in foreign exchange (forex), with its prime brokerage. As Finance Magnates reported, Singapore is actively trying to improve and expand the FX industry in the city-state.
Commenting on the announcement, Chew Sutat, Head of Global Sales and Origination at SGX, said: “We are delighted to announce the addition of INTL FCStone as a derivatives trading and clearing member, significantly expanding our global distribution network, particularly across North America.
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“INTL FCStone is an important player with a wide network across asset classes, services and industries – from financials to commodities and currencies. We are also proud to support them as they use Singapore as a base to expand across Asia and look forward to working with them to grow our mutual franchise globally.”
INTL FCStone is ready for Singapore expansion
With the addition of the brokerage’s subsidiary, the Singaporean exchange now has 62 Trading Members and 25 Clearing Members on its derivatives market.
“We are very excited to join the SGX family as a direct Derivatives Clearing and Trading member,” added Greg Kallinikos, Chief Executive of INTL FCStone Pte. Ltd. and Deputy CEO, Asia for INTL FCStone group.
“Following the recent upgrade of our Capital Markets Services regulatory licence in Singapore, we are now ready to offer our growing customer base access to one of the most fast moving, innovative exchanges in ngapngsia on the important milestone of its 20th anniversary. I would like to thank SGX for all its support and we look forward to working with their team in promoting INTL FCStone’s significantly enhanced Futures & Options Clearing and Execution capabilities in the region.”