MAS Confirms Cleartrade Exchange’s RMO Status

The Monetary Authority of Singapore (MAS) has completed its gazetting process, in the final step in providing the licence grant for Cleartrade Exchange to be a recognised market operator (RMO).

Cleartrade Exchange is the over-the-counter (OTC) electronic global marketplace for freight and commodity derivatives. Cleartrade Exchange was launched earlier this year, with ‘in principle’ approval under the RMO regulatory regime of the MAS, to address the increasing need for a truly electronic global marketplace for OTC freight and commodity derivatives. The exchange provides access internationally to its trade execution facilities and real-time processing and clearing capabilities via its proprietary platform.

Richard Baker, managing director of Cleartrade Exchange, said: “We are a global exchange and the confirmation of RMO status is a major milestone for Cleartrade Exchange. We have seen very strong interest in our offering since our initial announcement and are pleased with the significant volume of membership requests currently being received. We are operating the live market with trades being processed for forward freight agreements (FFAs), iron ore and steel swaps. As with all trading venues, a meaningful critical mass of member liquidity is the real goal and we expect to attract such liquidity and continue to grow our membership base organically over the coming months.”


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