SMX to start trade from Aug 31, to launch gold, oil futures

Financial Technologies group's Singapore Mercantile Exchange today said it will start trading from August 31, 2010, launching contracts in gold, currency and crude oil futures initially.

The pan-Asian multi-product commodity and currency derivatives exchange has completed conformance testing with Independent Software Vendors and industry-wide testing with member firms prior to its impending launch, the exchange said in a statement.

The first phase of product launches would include a gold futures contract, West Texas Intermediate crude oil, Brent-euro crude oil and Euro-US dollar futures contracts, amongst others.

The first phase of product launches would be followed by multiple product launches to be introduced in the market after consultation with industry participants, said SMX, which is backed by Financial Technologies (India), the operator of exchanges in India, Dubai, Africa, Mauritius and Bahrain.

"SMX's platform will herald Asia's first stand-alone and next-generation global derivatives exchange for unrestricted cross-border trading in futures, options and other derivatives across multiple asset classes," SMX vice-chairman Jignesh Shah said.

"SMX is well poised to unlock the immense potential of Asia and further position the region as a leading derivatives trading hub," added Shah, also CEO of Financial Technologies Group.

The Monetary Authority of Singapore recently granted SMX 'Approved Exchange' status to operate as a regulated and fully licensed exchange.