SMX adds two more GCM members

Singapore Mercantile Exchange (SMX) today said two new General Clearing Members have joined its trading network -- Newedge and Ong First Tradition.

It said global brokerage Newedge has become a fully operational as a General Clearing Member (GCM).

The SMX membership allows Newedge to transact, clear and settle trades for customers, including any other broker member or trade member of the Exchange, SMX said in a statement.

Newedge is one of the leading commodity brokers on agricultural products, energy, emissions and metals, but also offers global multi-asset brokerage services for a range of listed and OTC derivatives and securities.

Newedge is a 50:50 joint venture between Societe Generale and Credit Agricole CIB.

SMX said Singapore's Ong First Tradition today signed up as a GCM and would offer full clearing facilities for all its clients with 24-hour broker-assisted dealing and execution services, with access to leading global futures exchanges and more than 150 products via its brokers or electronic trading platforms with fast and efficient order execution, it said.

The brokerage also provides services such as Specialist Product Teams and trading tools and resources for clients to manage their trades such as timely market updates and unlimited access to real-time quotes, the statement added.