SMX completes its first trading cycleSingapore Mercantile Exchange has completed its first trading, clearing and settlement cycle. Its first daily pay-ins and pay-outs were completed on September 1 at 9.30am and 10.30am respectively. This took place after a 16.5 hour trading session which started on August 31, when SMX was launched, and ended at 2.30am the following morning.Jignesh Shah, vice-chairman of SGX and chairman and group chief executive of Financial Technologies, said in a statement: “At this point in time our focal point is establishment of a rock solid foundation for trading and risk management systems with a good measure of emphasis on research and implementing robust operational procedures.”SMX lists four futures: Brent Crude Oil priced in euros; West Texas Intermediate Crude Oil; EUR/USD Currency Futures and Gold Futures. It plans to roll out...