The Singapore Exchange (SGX) is set to clear non-deliverable forwards of major Asian currencies by the beginning of September, ACN Newswire reports. The SGX will provide clearing services for non-deliverable currencies traded in the region, including Chinese Yuan, Indonesian Rupiah and Indian Rupee. SGX’s 11 clearing members are eligible to clear FX Forwards, including Barclays Bank, Citibank, Credit Suisse and DBS Bank. The move comes as new rules in most Group of 20 economies are forcing trades in many classes of over-the-counter derivatives to pass a central clearer, which will provide trading counterparties with a guarantee if the other party defaults, adds Reuters.
Click here for the story from ACN Newswire.