Singapore, 15 April 2011

Singapore Mercantile Exchange (SMX) today began trading cash settled gold, silver and copper futures in contract sizes of 100 Troy Ounces, 5,000 Troy Ounces and 5 Metric Tons (MT) respectively, for settlement on expiry against benchmark global futures prices.

SMX launched on August 31, 2010 with futures contracts for Singapore-deliverable gold, currency pair Euro-US Dollar, WTI crude and Brent crude denominated in Euros. SMX trading sessions span Asian, European and American business hours, with central counterparty clearing performed by the Singapore Mercantile Exchange Clearing Corporation (SMXCC). Market participants can use SMX products for investment portfolio diversification, effective fund utilization by leveraged trading and also benefit from price discovery and liquidity.

Teyu Che Chern, Chief Executive Officer of Phillip Futures, commented: “As precious metal products gain popularity, both as a hedge to inflation and as a way for investors to capitalise on its price movement, I think it is timely that SMX launch these metals products, to cater for the needs of both local and regional investors.”

Ang Swee Tian, Chairman of SMX, said: “We are happy to offer more trading and investment products on the back of our state-of-the-art technology and low latency solutions. We will continue innovating for the marketplace to benefit from high-performance trading and have access to a larger pool of Asian traders and investors.”

SMX has built up a diverse network of members and empanelled independent software vendors (ISVs) for customers to access the SMX trading platform and will strive to expand the network in all geographies. The Exchange also offers its own proprietary front-end solution for direct market access.

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