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SINGAPORE, Nov 7, 2013 - (ACN Newswire) - Singapore Exchange (SGX) has chosen London Stock Exchange Group's (LSEG) MillenniumIT as the provider of a new post-trade system for Singapore's securities market.
SGX will work with MillenniumIT to enable the expansion of clearing, settlement and depository services into multi-currency, multi-asset solutions for SGX's international mix of members. SGX expects the system, which is based on Millennium's PostTrade technology, to begin operating in phases from the end of 2015.
With the new post-trade system, SGX can shorten time-to-market for new securities products, support members with more flexibility and efficiency across their post-trade needs, and enrich services including enabling retail investors to grant their brokers access to information on all their investments held with SGX's securities depository.
SGX expects the new system to support its growth strategy domestically through additional post trade services provided through its securities depository, as well as regionally by supporting linkages with other markets, depositories and post-trade service providers.
"SGX is once again bringing next-generation services and technology to its securities market as we continue to strengthen our Asian Gateway proposition. Our customers can expect improved access, efficiency and flexibility in the types of products and services we will offer once the system is in place. We look to London Stock Exchange Group for its support as we introduce this new technology to our market, the first implementation of such scale for Millennium's PostTrade Technology," said Magnus Bocker, CEO of SGX.
"MillenniumIT has shown again that its highly scalable, low latency platform appeals to capital markets providers globally. SGX is one of the world's leading exchanges and joins over 30 organisations around the world which are now being powered by MillenniumIT's technology," said Xavier Rolet, CEO of LSEG.
Contact:
Carolyn Lim
Marketing & Communications
Tel: +65 6236 8139
Email: Carolyn.lim@sgx.com
Joan Lew
Marketing & Communications
Tel: +65 6236 8658
Email: Joan.lew@sgx.com
Topic: New Service
Source: Singapore Exchange (SGX)
Sectors: Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
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