FIA Tech Connects to SGX
Posted by Colin Lambert. Last updated: September 7, 2023
FIA Tech says that its Trade Data Network (TDN) has been certified with and connected to Singapore Exchange (SGX) and will be rolled out to the latter’s members in the fourth quarter of this year.
The TDN is an initiative to provide a market infrastructure and shared ledger of trading information to address the fragmentation and lack of transparency in exchange-traded derivatives (ETD) post-trade processing. FIA Tech says the initiative currently includes 16 banks/brokers and 50 investment managers and hedge funds with combined assets under management of over $37 trillion.
The rollout means SGX member firms that are subscribed to TDN will have greater transparency into their trade give up/ take in process on SGX, including being able to see the current status of all their SGX fills. In addition, TDN can provide resiliency services by securely replicating and storing all trading activity and messages from SGX (as with all connected exchanges). This will improve risk management and recovery in the event of a systemic outage such as a cyberattack or technology failure, FIA Tech says.
SGX Group is the third exchange to connect to the Trade Data Network, alongside CME Group and Eurex.
Nick Solinger, president and CEO of FIA Tech, says, “This is a significant milestone for TDN, and working with our clearing firms and connected exchanges like SGX, we hope to provide increased operational resilience and efficiency in the exchange traded derivatives industry.”