The Hindu Business Line : ICICI Bank to be SMX’s clearing bank

Mumbai, Nov. 11 ICICI Bank has entered into an agreement with Singapore Mercantile Exchange (SMX) to be a clearing and settlement banking member of the exchange.

This membership will enable India’s largest private sector bank to facilitate settlement of transactions executed on SMX.

The bank, in a statement, said its membership in SMX, which is a wholly-owned subsidiary of Financial Technologies (India) Ltd, will provide a platform to the commodity market participants in India and abroad to participate on a global commodity exchange.

Expanding footprint

Ms Chanda Kochhar, Managing Director and CEO, ICICI Bank, said, “The association with SMX reflects our focus towards expanding our footprint in the clearing and settlement banking services across the globe.”

ICICI Bank has been operating in Singapore through a branch since 2003.

The branch, among others, offers financial solutions, including loan syndication and trade finance, to companies in India and the Asia-Pacific Region.

SMX is a multi-product global commodity derivatives exchange, offering an electronic platform for trading futures and options contracts in commodities, including precious metals, base metals, energy, agriculture, currency pairs and commodity indices.

The exchange aims to synchronise derivatives and physical trading within the Asian time zone.

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