OTC financials on the cards at SGX

27 Mar 2006

Singapore Exchange (SGX) last week said it was still on course to launch its proposed OTC clearing service for energy and freight products (see FO Week Vol 10 No 25) despite missing its original first quarter target. The exchange said at International Swaps and Derivatives Association's AGM in Singapore that...

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"While we support its overall direction, a number of the requirements in the review are needlessly oppressive, particularly the proposed limits on execution-only business and bilateral execution. Additionally, the swathe of costly disclosure obligations is more likely to confuse than inform customers.”

The FOA's Anthony Belchambers responds to the EC's Mifid review.