Asia Pacific Exchange (APEX) has launched a new clearing system delivered by Cinnober.
The new system will provide an end-to-end solution for the post-trade value chain.
This comes after APEX received licenses from the Monetary Authority of Singapore to operate a derivatives exchange and clearinghouse.
APEX is scheduled to open during Q2 2018 with USD-denominated palm olein futures as its first contract.
The exchange is also set to offer futures and options contracts covering both commodity and financial derivatives products, including agriculture, energy, petrochemical, metal, interest rates and stock indices.
APEX will be Singapore's third derivatives exchange after Singapore Exchange and Intercontinental Exchange.
Cinnober was chosen by APEX in February last year to deliver an instant clearing solution for the new derivatives exchange.
Veronica Augustsson, CEO of Cinnober, commented: “We’ve been working in close cooperation with APEX for the past year and share their vision of building a new and prosperous derivatives market in the region. Based on our proven track record, extensive post-trade knowledge, and real-time technology, APEX will have one of best post-trade offerings available when launching later on in Q2.”
Eugene Zhu Yuchen, founder and CEO of APEX, added: “APEX's vision is to establish itself as an exchange that will be the Asian centre for price benchmarks to be referenced by global market participants.”
“Singapore is an ideal hub for derivatives trading and an important and strategic partner to China. We’ve prepared well and worked hard. After receiving final approvals we’re now looking forward to the upcoming launch. By working closely with Cinnober as our strategic partner, APEX is able to provide a seamless operational environment for derivatives clearing.”
