StoneX named among top Rubber & Electricity General Clearing Members by SGX
StoneX Financial, a subsidiary of StoneX Group, has been named as one of the top three Rubber and Electricity General Clearing Members (GCM) at the 2020 SGX Commodities Awards.
The SGX Commodities awards are designed to honour the GCMs, inter-dealer brokers, and traders who have attained the highest cleared and traded volume achievements in 2020.
StoneX became one of the select group of non-bank clearing and trading members of SGX after acquiring the Singapore based Futures and Options brokerage and clearing business of UOB Bullion and Futures Ltd in the fall of 2019. The Company has since been specifically recognised by SGX for its contribution in two key areas of growth, namely Rubber and Electricity Futures. This achievement reflects the Company's successful first year as a clearing and trading member of SGX and demonstrates StoneX’s focus on continuing to expand its growing listed derivatives business across Asia Pacific.
Lian Tuck (LT) Lee, Head of Listed Derivatives, Asia for StoneX Financial Pte Ltd, says: “These achievements are the latest validation of how we’ve successfully established a foothold in the Asia Pacific region following the upgrade of our capabilities, products and services just over a year ago. We are proud to be recognised for our commodities expertise by the SGX, particularly in two areas, Rubber and Electricity, that drove significant growth for both the exchange and us in 2020. We are committed to continuing to build out our product capabilities in the region and offering unparalleled access to our clients to all major markets globally via our 24-hour futures and options dealing and execution desk in Singapore.”
SGX Commodities achieved a record year in 2020. The exchange cleared more than two billion metric tonnes of their flagship iron ore products, breaking new highs as iron ore continued to gain prominence as a proxy for global economies. The SGX SICOM rubber derivatives traded 9.3 million metric tonnes, with the industry's first TSR 20 rubber options achieving record highs in volume and open interest. Liquidity in electricity futures continued to deepen with 26,000 GWh traded in 2020 alone, representing more than half of Singapore's annual electricity consumption.
Chew Sutat, Senior Managing Director, Head of Global Sales and Origination at SGX, says: “The SGX Commodities Awards celebrate our strong community and network of inter-dealer brokers and clearing members, who are instrumental in supporting physical and financial market participants in their trading and risk management needs. We would like to extend our congratulations to StoneX, who have demonstrated excellence in the rubber and electricity categories, and to all winners in this year’s awards.”