The Singapore Foreign Exchange Market Committee
c/o Deutsche Bank AG
One Raffles Quay #18-00 South Tower Singapore 048583
15 September 2008
SFEMC statement on Contingent Third Party Information Clearinghouse to facilitate the unwinding of open positions
The Singapore Foreign Exchange Market Committee ('SFEMC") notes the “FXC Announcement regarding contingent third party information clearinghouse to facilitate the unwinding of open positions” dated 14th September 2008 issued by the New York Foreign Exchange Market Committee ("FXC").
SFEMC encourages market participants to extend the facility beyond Spot FX transactions to include FX forwards and derivatives, OTC interest rate derivatives, OTC credit derivatives, NDFs, NDS and NDOs, to the extent possible. SFEMC acknowledges that ICAP has agreed to facilitate this process. We also encourage market participants to engage any third party broker who is willing to act as an intermediary without being a counterparty or guarantor of the proposed trades in the unwinding process.
Unwinding of trades is conducted on a mutually agreed basis between parties. This is not intended to restrict any counterparties from their regular course of business with each other, their clients, or any broker.