Financial Technologies (FT) Group's Singapore Mercantile Exchange has received final approval from Singapore authorities to operate as an international commodity and currency derivatives exchange there.
SMX is the first pan-Asian multi-product commodity and currency derivatives exchange. The Monetary Authority of Singapore (MAS) granted 'Approved Exchange' status to SMX to operate out of Singapore as a regulated and licensed exchange, a company release said here.
SMX is a wholly-owned subsidiary of Financial Technologies Group.
SMX has announced four products, which will be traded when the exchange goes live -- a gold futures contract with physical delivery, West Texas Intermediate (WTI) Crude Oil, Brent-Euro Crude Oil and Euro-US Dollar futures contracts.
"SMX will create a new generation international commodity and derivative trading platform at par with best global exchanges in New York and London," Financial Technologies Group CEO and SMX's Vice Chairman, Jignesh Shah said.
