Deepening it’s presence in Greater China, Singapore Exchange (SGX) today opened its new Hong Kong office, which is registered as Singapore Exchange Derivatives Trading Limited (SGX-DT). Mr. Chew Sutat, Executive Vice President of SGX, hosted the office opening and reiterated SGX’s continued focus and commitment to its operations in Greater China.
“With its strategic location to China and Taiwan, Hong Kong is an integral part of SGX’s Greater China strategy,” he commented. “We have been working closely with our local partners in contributing to the development of Hong Kong’s derivatives market.”
Since its opening in July 2014, SGX’s Hong Kong operations have registered positive growth in both traded volumes and members, including China Xin Yongan Futures Co., Ltd and Celestial Commodities Limited. In particular, the flagship SGX FTSE China A50 Index Futures has continuously achieved record-breaking success in both volume and open interests. It reached new highs with its single day volume of 594,551 contracts and an open interest record of 591,501 contracts in January 2015.
Mr. Chew said the encouraging results are due to SGX’s focus on innovation and the introduction of new products and initiatives in derivatives trading, including new commodity products across gold, iron ore, CNH and other FX pairs in 2014. SGX also launched two SGX Iron Ore China derivative contracts earlier this year.
SGX-DT offers Asia’s most comprehensive range of Asian equity index futures and key commodity futures, covering over 80% of Asia’s economies – China, India, Indonesia, Japan and Taiwan. “SGX has been the choice of partner for global investors in Asia for growth, price discovery and risk management solutions more than 30 years. We will continue to enhance our single-point access into key Asian markets and global commodities for our derivative clients.”
Mr. Jiang Lin Qiang, General Manager of China Xin Yongan Futures Co., Ltd, said, “We welcome SGX-DT’s on-the-ground presence. SGX-DT’s innovative commodities and FX products have increased efficiency of risk management and hedging and provided our customers with a balanced portfolio of opportunities in Asia.”
Mr. Edmund Lee, Senior Country Officer for Singapore at J.P. Morgan also congratulated Singapore Exchange on the SGX-DT Hong Kong office opening. He added, “SGX provides us with an unparalleled trading platform with a wide array of Asian derivatives. We believe its local presence will further enhance support to the local financial markets.”
“As we grow our presence in Greater China, our international network and connectivity will provide additional Asia-based offerings and bring the financial markets and participants of Hong Kong and Singapore more closely together,” Mr Chew added.