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| ICICI Bank signs pact for SMX Clearing and Settlement Membership |
| Announcement / Banking Nov 11, 2009, 20:44 IST |
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ICICI Bank Limited, India’s second-largest Bank, has entered into an agreement for clearing and settlement banking membership of Singapore Mercantile Exchange (SMX). This membership will enable ICICI Bank to provide clearing and settlement processing services to facilitate settlement of transactions executed on SMX.
This membership will also facilitate ICICI Bank to provide a platform to the commodity market participants in India and abroad to participate on a global commodity exchange.
SMX is a wholly owned subsidiary of Financial Technologies, a leader in creating and operating exchange platforms. SMX is Asia’s first multi-product global commodity derivatives exchange, offering a state-of-the-art electronic platform for trading futures and options contracts in commodities including precious metals, base metals, energy, agriculture, currency pairs and commodity indices. SMX will aim to synchronise derivatives and physical trading within the Asian time zone, while offering new derivatives products necessary for effective risk management in the Asian region.
Chanda Kochhar, Managing Director & CEO, ICICI Bank said, “The association with SMX reflects our focus towards expanding our footprint in the clearing and settlement banking services across the globe. As a dominant market participant in the capital market segment in India, ICICI Bank is now positioning itself to provide its services to SMX and its members. “
Noting the important role of the settlement bank in supporting the operations of an Exchange, Thomas McMahon, SMX’s Chief Executive Officer, said, “As an Indian bank with a comprehensive international presence, ICICI Bank is an ideal partner for SMX. The Bank’s leadership in transaction banking and expertise in clearing operations in India would provide convenience to SMX members. We are extremely pleased to have an institution of the calibre and critical mass of ICICI Bank as a settlement bank”
ICICI Bank is acting as a ‘Settlement Banker’ for the National Stock Exchange of India Limited (NSE), Bombay Stock Exchange Limited (BSE), National Commodities & Derivatives Exchange Limited (NCDEX) and Multi Commodity Exchange (MCX). The Bank is a registered Professional Clearing Member (PCM) on the NSE and BSE to provide clearing services for equity and currency derivatives trades undertaken by the clients registered with the Bank. The Bank is also a Professional Clearing Member on MCX to provide clearing services for currency derivatives trades.
About ICICI Bank:
ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of $102 billion as of September 30, 2009. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 19 countries, including India.
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