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CME approves UOBBF Clearing as new clearing member

BBR Staff Writer Published 02 June 2014

CME Group, the world's leading and most diverse derivatives marketplace, announced UOBBF Clearing Limited, a wholly-owned subsidiary of United Overseas Bank Limited, has been approved as a CME, CBOT, NYMEX and COMEX Clearing Member, effective 30 April 2014.

"We are pleased to welcome UOBBF Clearing Limited as our newest Asia-based clearing member," said Kim Taylor, President, CME Clearing. "Having more Asian clearing member firms on board allows us to better address the needs of our increasing client base in the region, and we look forward to UOBBF Clearing Limited further participating in our markets."

"Our constituency of Asian clearing members expands today with UOB, a globally-recognized and well-established institution with a strong Asian heritage and deep understanding of the region. We are pleased to welcome UOBBF Clearing Limited, part of UOB Group - ranked amongst the world's highest-rated banks - join CME Group," said Julien Le Noble, Senior Managing Director, Head of Asia Pacific, CME Group. "Asian institutions are increasingly stepping up their participation in our markets. UOBBF Clearing Limited's clearing membership affirms the growth potential and continuing development of derivatives participation in Asia, and we are pleased to be working in close partnership with them to unlock even greater liquidity for the derivatives markets."

"The demand for derivatives trading on global exchanges has been increasing among investors in Asia," said Terence Ong, Chairman of UOBBF Clearing Limited. "As an offshore clearing member of the CME Group, we are able to provide clients in the region with reliable clearing services for a wide range of futures and options products listed on the world's largest group of futures exchanges."

The addition of UOBBF Clearing Limited brings the total number of clearing firms at CME Group to 71, with the Singapore-based firm becoming its sixth Asian clearing member. The other five Asian clearing member firms are BOCI Commodities and Futures Limited, China Merchant Futures (HK) Co. Limited, Nanhua Futures (Hong Kong) Co. Ltd., Philip Futures Inc., and Straits Financial LLC.



Source: Company Press Release