SGX adds CICC HKF as derivatives trading member

SGX building on Shenton Way in SingaporeSGX building on Shenton Way in Singapore

Singapore Exchange (SGX) announced Monday it has added China International Capital Corp. Hong Kong Futures (CICC HKF) as a trading member of the derivatives market.

CICC HKF is wholly owned by China International Capital Corporation Limited (CICC), which provides investment banking, equities, fixed income, commodities and currencies and asset management and other financial services globally, SGX said in a filing to the exchange.

CICC Commodity Trading (CICC CT), which is a key participant in SGX’s iron ore futures market, is a wholly owned group member of CICC, the filing said.

Pol de Win, senior managing director and head of global sales and origination at SGX, noted CICC has a “critical role” connecting China with global financial centers.

“With both derivatives and securities trading memberships, CICC will be able to offer a full range of investment and risk-management tools for its clients, and we look forward to deepening our partnership,” he said in the statement

Zhou Xuetao, managing director and global head of commodities at CICC, said the membership was a “breakthrough” in the globalisation efforts of the company’s commodity business.

“Since SGX is one of the most robust venues of commodity derivatives, this membership, together with CICC CT’s market making role, will further strengthen our capacity and capability in commodity derivatives trading. We look forward to exploring more business opportunities in Singapore to extend our local reach, as well as to deepen our collaboration with SGX,” Zhou said in the statement.

Including CICC HKF, SGX’s derivatives market has 66 trading members and 26 clearing members, the filing said.