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UOB to get Eurex Clearing membership

United Overseas Bank (UOB) looks set to become the first bank in Asia to clear transactions conducted on Eurex, Europe's largest derivatives exchange.

SINGAPORE: United Overseas Bank (UOB) looks set to become the first bank in Asia to clear transactions conducted on Eurex, Europe's largest derivatives exchange.

UOB said on Friday it has obtained a General Clearing Membership from Eurex Clearing, which is the clearing house of Deutsche Borse Group.

Asian investors have a growing presence in global derivative markets.

According to the Futures Industry Association, the volume of derivatives traded in Asia grew at a compounded annual growth rate of 7.8 per cent from 2008 to 2013.

The region accounted for 33.7 per cent of all derivatives contracts traded globally in 2013.

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