Chinese-backed Asia Pacific Exchange (“APEX”), Singapore’s third exchange approved by the Monetary Authority of Singapore (“MAS”) early this year, launched its first product – RBD palm olein futures contract today. Straits Financial Services Pte. Ltd. (“Straits”), is one of the initial Clearing Members of the exchange, providing our clients access to new trading venues and opportunities. On its opening bell, Straits and our clients, including Moment Technology Pte Ltd, had successfully executed the exchange’s first and second trade orders, marking a momentous milestone for both companies.
The RBD palm olein futures contract launched is USD-denominated and physically-delivered basis FOB at APEX Approved Ports in Malaysia and Indonesia. In the next 5 years, APEX intends to develop futures and options contracts for both commodity and financial derivatives products, including agriculture, energy, petrochemical, metal, interest rates and stock indices, with the aim to establish Asian pricing benchmarks for global commodities.
“We have chosen Singapore to establish APEX for its open economy, well-regulated and matured financial markets, supported by a diverse mix of financial institutions and brokers,” said Mr. Eugene Zhu, Chief Executive for APEX. “Straits Financial is a reputable brokerage house and highly regarded in the commodities space. We are honoured to have Straits join APEX as a Clearing Member to grow this space together from launch date.”
“The establishment of APEX will create more diversity in the global derivatives market and facilitates the long term development of pricing benchmarks in Asia,” said Mr. Roger Quek, Managing Director of Straits Financial Services Pte. Ltd. “Crude palm oil is actively traded on Bursa Malaysia Derivatives. We believe APEX is well positioned to build liquidity for the refined palm oil futures contract, and we will expect to see trading opportunities between these markets. Reacting to strong market interest from our client base, clinching the first two trades reflects our commitment in providing our clients a premium and differentiated service.”
At the end of the trading day, APEX RBD palm olein futures has traded a total volume of 70,526 lots, of which Straits has already executed 22,466 lots for clearing, accounting for about 31.86% of the market share.
Straits is committed to bringing our clients the latest development and opportunities in the market. As a global derivatives brokerage house, Straits is also a full clearing member of the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT), the New York Mercantile Exchange (NYMEX), the New Zealand Exchange (NZX), the Commodity Exchange (COMEX), Dubai Mercantile Exchange (DME), CBOE Futures Exchange (CFE) and Nasdaq Futures (NFX). This new clearing membership further enhances our ability in delivering premium services and a comprehensive suite of products traded on major futures exchanges globally.
From left to right: Straits Financial Group CEO Mr. Jeremy Ang, APEX CEO Mr. Eugene Zhu, and Straits Financial Managing Director Mr. Roger Quek
Asia Pacific Exchange (“APEX”) is an international derivatives exchange approved by the Monetary Authority of Singapore, the third exchange with the “Approved Exchange” and “Approved Clearing House” licenses in Singapore. APEX’s business scope covers futures and options contracts covering both commodity and financial derivatives products, including derivative products in the asset classes of agriculture, energy, petrochemical, metal, foreign exchange, interest rates, bond and stock indices.
About Straits Financial Group
Headquartered in Singapore, Straits Financial Group is the brokerage house under CWT Limited that offers a full spectrum of derivatives & OTC products, including trade facilitation for physical commodities. Established affiliate offices are in Chicago, New Jersey, Shanghai, Hong Kong and in Jakarta. The U.S. subsidiary, Straits Financial LLC, is a full Clearing Member of the Chicago Mercantile Exchange (CME), Chicago Board of Trade (CBOT), New York Mercantile Exchange (NYMEX), the Commodity Exchange (COMEX), CME Clearport, Dubai Mercantile Exchange (DME), the New Zealand Exchange (NZX), the CBOE Futures Exchange (CFE) and the Nasdaq Futures (NFX). Straits offers clearing access to all major global commodity exchanges. For more information, visit www.straitsfinancial.com.