ECC granted Recognised Clearing House status by Monetary Authority of Singapore
The European Commodity Clearing (ECC) has been given Recognised Clearing House (RCH) status by the Monetary Authority of Singapore (MAS). This will be ECC’s first regulatory license outside of Europe, representing a key milestone for ECC and CLTX, as part of EEX Group, in their shared global growth ambitions.
The RCH status will allow ECC to directly admit clearing members from Singapore to access all derivative products with immediate effect. Furthermore, CLTX will be able to transfer contracts for clearing directly to ECC which in turn gives all companies trading on CLTX the ability to access ECC from a Singaporean exchange. The first product to be offered through ECC will be the Dry Bulk Freight contract.
Dr Thomas Siegl, ECC’s Chief Risk Officer, says: “I’m excited about MAS’s decision to grant ECC with its first regulatory license outside of Europe. The RCH status expands our network of partner exchanges and opens up Asia, one of the world’s most important financial markets, for ECC.”
Dr Egbert Laege (pictured), CEO of CLTX, adds: “The MAS approval represents another watershed moment for EEX Group in our strategic ambition to provide a global infrastructure to our customers. The RCH status not only enables CLTX to connect its own products to ECC clearing for the first time, but it also provides the unique regulatory solution that our customers require.”