SMX signs Phillip Futures as its first GCMThe Singapore Mercantile Exchange has signed up Phillip Futures, the derivatives and currency brokerage, as its first general clearing member. Phillip will be able to trade, clear, and settle its own trades and those of its customers. Phillip Futures is part of PhillipCapital Group, the Singaporean financial services provider. Lim Hua Min, PhillipCapital’s chairman, said in a statement: “We are pleased to partner with SMX to put Singapore on the world map for commodities trading.”Teyu Che Chern, Phillip Futures’ chief executive, said: “We are seeing a lot of interest from our clients to trade commodity derivatives tailored to suit Asian needs and that can be traded within Asian hours.”...