The Deutsche Börse Group’s new, Singapore-based clearing house, Eurex Clearing Asia, has received ‘in principle’ regulatory clearance from the Monetary Authority of Singapore (MAS).
Eurex Clearing Asia forms an integral part of Deutsche Börse’s proposed new trading and clearing offering for investors during Asian trading hours, and looks set to start business in 2016.
Initially, the clearing house will handle selected European benchmark derivatives listed at Eurex Exchange. The range of products cleared will expand to include listed derivatives based on Asian underlying assets.
Deutsche Börse also intends to seek recognition for Eurex Clearing Asia as a third-country central counterparty, from the European Securities and Markets Authority. Once approved, it can provide Asian clearing services for market participants in the European Union.
Combining the market and services of its Eurex derivatives arm in Asia, Deutsche Börse will create ‘Eurex Asia’, offering new trading opportunities, third-party clearing services and improved post-trade efficiency across the Asian time zone.
Andreas Preuss, deputy CEO of Deutsche Börse AG and CEO of Eurex, said: “This is a further important milestone in the Asian growth strategy of Deutsche Börse Group. Eurex Clearing Asia will generate new and interesting business opportunities for our customers, and we are becoming an integral part of the financial centre of Singapore.”
“We aim to contribute to its further development and internationalisation and look forward to cooperating with MAS and our business partners.”
