Singapore Exchange (SGX) is pleased to welcome Mizuho Securities USA Inc. as its first remote clearing member. SGX was the first exchange in Asia in October 2013 to pioneer a new membership class for international clearing clients to access SGX platform from their home jurisdictions. This capability is required by the US Dodd-Frank Act, and SGX is the first in Asia to be accorded Derivatives Clearing Organization (DCO) by the US status Commodity Futures Trading Commission (CFTC).  

The remote membership enables brokers, registered with the CFTC, to clear swaps for US customers through SGX's Derivatives Clearing House.  It also allows SGX to admit overseas-based clearing brokers, who do not need a Singapore presence, to become a clearing member.   

"We welcome Mizuho Securities USA as our first remote derivatives clearing member. Under this new class of membership, SGX can accommodate a wider set of participants and support clearing of trades for US and European end clients. US customers covered by Dodd Frank regulations, will be able to trade with our large Asian customer base and clear their trades on the SGX platform and realize improved safety and efficiency on such transactions,"  said Muthukrishnan Ramaswami, President of SGX.

"Mizuho Securities USA ("MSUSA") is pleased to join the Singapore Exchange as its first remote derivatives clearing member.  This membership expands the suite of cleared derivatives MSUSA makes available to its global client base, exemplifying our ongoing commitment to providing a best in class clearing platform.  SGX's AsiaClear has proven to be a critical marketplace for global commodity traders, particularly in bulk products and freight," said John M Murphy, Executive Managing Director, Global Head of Futures.  

The admission of Mizuho Securities USA brings the number of SGX Derivatives Clearing Members to 27.  In addition, there are 11 Clearing Members for the clearing of OTC-traded financial derivatives and 47 Derivatives Trading Members.  The securities market also has 26 Trading and 26 Clearing Members.

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