Mumbai: Country's second largest lender, ICICI Bank on Wednesday entered into an agreement for clearing and settlement banking membership of Singapore Mercantile Exchange.
This will enable ICICI Bank to provide clearing and
settlement processing services to facilitate settlement of
transactions executed on SMX, a press release said.
The membership will also facilitate the bank to
provide a platform to the commodity market participants in
India and abroad to participate on a global commodity
exchange, it said.
"This association reflects our focus towards expanding
our footprint in the clearing and settlement banking services
across the globe...ICICI Bank is now positioning itself to
provide its services to SMX and its members," ICICI Bank MD
and CEO, Chanda Kochhar said.
SMX is a wholly-owned subsidiary of Financial
Technologies, which is a leading player in creating and
operating exchange platforms.
The exchange provides state-of-the-art electronic
platform for trading futures and options contracts in
commodities.
These include precious metals, base metals, energy,
agriculture, currency pairs and commodity indices.
Presently, ICICI Bank is acting as a settlement
banker for the National Stock Exchange, Bombay Stock Exchange,
National Commodities & Derivatives Exchange and Multi
Commodity Exchange.
Bureau Report
First Published: Wednesday, November 11, 2009, 15:39