ICICI Bank appointed clearing, settlement bank for SMX
By Mok Fei Fei, 938LIVE | Posted: 11 November 2009 2005 hrs

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SINGAPORE: India's second-largest lender, ICICI, has been appointed a clearing and settlement bank for the Singapore Mercantile Exchange or SMX.

Under an agreement, ICICI will provide clearing and settlement processing services to facilitate settlement of transactions executed on SMX.

The bank will also provide a platform to the commodity market participants in India and abroad to take part in a global commodity exchange.

ICICI is also acting as a settlement banker for the National Stock Exchange of India, the Bombay Stock Exchange, the National Commodities & Derivatives Exchange and the Multi Commodity Exchange.

SMX is Asia's first multi-product global commodity derivatives exchange.

Its electronic platforms will be used for trading futures and options contracts in commodities including precious metals, base metals, energy, agriculture, currency pairs and commodity indices.

SMX says it will aim to synchronise derivatives and physical trading within the Asian time zone. - 938LIVE/vm