SMX selects Standard Chartered as clearing bank
The Singapore Mercantile Exchange (SMX) has appointed Standard Chartered to provide its clearing and settlement services.
As SMX's clearing and settlement bank, Standard Chartered will offer electronic funds transfers, settlement processing and will maintain member clearing accounts to facilitate the settlement of exchange transactions. Standard Chartered will also provide employee banking services to SMX.
A straight-through processing solution for trade settlement obligations will be employed, enabling funds to be transferred between accounts of the exchange's wholly owned clearing house - SMX Clearing Corporation
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