UOB becomes first Eurex Clearing member in Asia 16 May 2014Singapore Reporter: Tammy Facey
Image: Shutterstock
United Overseas Bank Ltd (UOB) of Singapore has become the first member of Eurex Clearing in Asia.
The company will be able to clear business for Asian and international trading members, and provide respective services to them.
UOB Bullion and Futures Ltd, a subsidiary of UOB, has been a trading non-clearing member of Eurex Exchange since 2008.
In 2012, Eurex Clearing received confirmation from the Monetary Authority of Singapore to admit clearing members from the jurisdiction.
Thomas Book, CEO of Eurex Clearing, said: “Having one of the largest banking institutions of the region is an important step to extend the offering of our clearing capabilities into the Asian time zone and increase our clearing footprint in Asia.”
Terence Ong, head of global markets and investment management at UOB and chairman of UOBBF, added: “Our dual membership allows us to offer our clients one-stop broking and clearing solutions that provide lower associated risks and greater peace of mind.”
UOB also launched its Taiwan Futures Exchange Link (TAIFEX) yesterday, so trading participants and brokers can benefit from clearing services for new Eurex TAIFEX products out of Taiwan.
Ong added: “The TAIEX contracts are one of the most heavily traded derivatives in Asia. We believe that trading demand will continue to grow following the launch of the Eurex futures.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Shutterstock 