ICICI Bank joins SMX as clearing member

Singapore Mercantile Exchange today said the Singapore branch of ICICI Bank Ltd has become its Special Clearing Member (SCM) for clearing and settling futures contracts at the bourse here.

As an SCM, ICICI Bank will clear and settle trades for its regional and international customers, including any other Non-Clearing Member (NCM), broker member and trade member of the Exchange.

"Becoming a Special Clearing Member for SMX is part of our strategy to scale up our operations in Singapore, following closely on the opening of our first retail branch here," ICICI Bank managing director Chanda Kochhar said.

"Singapore is the region’s financial hub and the gateway to the Asia Pacific. We are happy to be building a relationship with Singapore's flagship commodities and derivatives exchange," she added.