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The Singapore Exchange has become the latest exchange group to try to tap the vast over-the-counter foreign exchange market by offering futures based on currency pairs.
SGX, the main exchange in Asia’s largest foreign exchange (FX) market, said in a statement it has launched a service that enables customers to trade FX futures “in an over-the-counter (OTC) manner and clear the trades on SGX’s platform”.
SGX said on Tuesday its FlexC FX Futures service will launch on August 27 to “enable bilateral trades that are privately negotiated with tailored expiration dates to be registered and cleared like a standard SGX FX futures contract”.
The futures made available to trade refer to six underlying currency pairs: INR/USD; KRW/USD; TWD/USD; USD/CNH;...