By a News Reporter-Staff News Editor at China Weekly News -- CME Group, the world's leading and most diverse derivatives marketplace, announced UOBBF Clearing Limited, a wholly-owned subsidiary of United Overseas Bank Limited, has been approved as a CME, CBOT, NYMEX and COMEX Clearing Member, effective 30 April 2014.
"We are pleased to welcome UOBBF Clearing Limited as our newest Asia-based clearing member," said Kim Taylor, President, CME Clearing. "Having more Asian clearing member firms on board allows us to better address the needs of our increasing client base in the region, and we look forward to UOBBF Clearing Limited further participating in our markets."
"Our constituency of Asian clearing members expands today with UOB, a globally-recognized and well-established institution with a strong Asian heritage and deep understanding of the region. We are pleased to welcome UOBBF Clearing Limited, part of UOB Group - ranked amongst the world's highest-rated banks - join CME Group," said Julien Le Noble, Senior Managing Director, Head of Asia Pacific, CME Group. "Asian institutions are increasingly stepping up their participation in our markets. UOBBF Clearing Limited's clearing membership affirms the growth potential and continuing development of derivatives participation in Asia, and we are pleased to be working in close partnership with them to unlock even greater liquidity for the derivatives markets."
"The demand for derivatives trading on global exchanges has been increasing among investors in Asia," said Terence Ong, Chairman of UOBBF Clearing Limited. "As an offshore clearing member of the CME Group, we are able to provide clients in the region with reliable clearing services for a wide range of futures and options products listed on the world's largest group of futures exchanges."
The addition of UOBBF Clearing Limited brings the total number of clearing firms at CME Group to 71, with the Singapore-based firm becoming its sixth Asian clearing member. The other five Asian clearing member firms are BOCI Commodities and Futures Limited, China Merchant Futures (HK) Co. Limited, Nanhua Futures (Hong Kong) Co. Ltd., Philip Futures Inc., and Straits Financial LLC.
As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex(®) electronic trading platform and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the world's leading central counterparty clearing providers, which offers clearing and settlement services across asset classes for exchange-traded contracts and over-the-counter derivatives transactions. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Globex and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc.CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc.NYMEX, New York Mercantile Exchange and ClearPort are registered trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other trademarks are the property of their respective owners. Further information about CME Group (NASDAQ: CME) and its products can be found at www.cmegroup.com.
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Western Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. In Asia it operates through its branches and representative offices as well as banking subsidiaries in China, Indonesia, Malaysia, the Philippines, Singapore and Thailand.
Keywords for this news article include: Asia, China, CME Group, Singapore, Banking and Finance, Investment and Finance.
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