SGX to exit swaps clearing business
Decision will leave some contracts without a CCP from next April
Singapore Exchange (SGX) will stop clearing over-the-counter interest rate swaps from April 2019, leaving users without a home for some of their cleared contracts – thought to be an unprecedented event for an OTC product.
Monthly swaps volumes at the central counterparty have been showing year-on-year declines for most of the past 12 months. SGX competes with CME and LCH in Singapore dollar swaps
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