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SMX Goes Live; Financial Technologies India

(RTTNews) - Financial Technologies (India) Ltd. said Singapore Mercantile exchange or SMX, the first pan-Asian multi-product commodity and currency derivatives exchange, commenced operations on its cutting-edge electronic trading platform with the ringing of the opening bell by Deputy Managing Director of the Monetary Authority of Singapore (MAS) Ong Chong Tee.

During the first day of trading on its platform, it launched four SMX futures that include two leading crude oil benchmarks??”Euro-denominated Brent Crude and Euro-denominated Brent Crude (WTI), a currency pair??”Euro-US Dollar Currency Futures Contract and the first Gold futures contract in Singapore to be settled via physical delivery. Further products will be rolled-out in market segments, such as energy, agriculture, metals (precious and base), indices and currencies, the company said.

SMX operates as an exchange regulated and licensed by the MAS. It offers multi-currency and multi-asset clearing, trading, and pricing for contracts with guaranteed settlement and delivery. Te contracts are developed to meet both generic and specific hedging requirements over Asian trading hours.

The SMX product range, together with the agility and accessibility of its systems, and strategic location in Singapore, a reputable financial centre, will enable the Exchange to be a sophisticated one-stop risk management channel for global liquidity to plug into Asian trade flows, it added.

At the BSE, Financial Technologies India shares are currently trading at Rs.1,376, up by 1.42% for the previous close.