The LSE Directory / Clearing houses
SGX-DC (Singapore Exchange Derivatives Clearing Limited) is the central counterparty clearing house for the derivatives market of Singapore Exchange (SGX). It clears every futures and options contract traded on SGX-DT, the exchange's derivatives trading arm, plus over-the-counter interest rate swaps and non-deliverable Asian FX forwards registered through the SGX AsiaClear platform. The cleared book spans equity index futures (led by the FTSE China A50 and FTSE Taiwan index contracts), FX futures on the offshore renminbi and Indian rupee, single stock futures, and a commodities line covering iron ore, coking coal, dry-bulk freight forward agreements and SICOM rubber. SGX-DC's specialisation is being the near-exclusive clearer for Asian commodity derivatives that trade mostly offshore from their physical markets: independent trade press (Risk.net) has put its share of seaborne iron ore derivatives clearing at close to 100%, with iron ore volume alone exceeding 2.2 billion tonnes in 2021, more than the physical seaborne market itself, and its dry-bulk freight forward agreement share above 70%. On the equity side, its FTSE China A50 futures contract is the most liquid international futures product for mainland Chinese A-shares, giving offshore investors USD-denominated, extended-hours access to an onshore market they cannot trade directly. This offshore-hedging niche, rather than competing head-on with US or European CCPs on breadth, is what differentiates SGX-DC from larger global clearers. SGX-DC is licensed by the Monetary Authority of Singapore as an Approved Clearing House and is a subsidiary of Singapore Exchange Limited, whose predecessor entities (the Stock Exchange of Singapore, the Singapore International Monetary Exchange founded in 1984, and Securities Clearing and Computer Services) were combined into SGX on 1 December 1999. In January 2014, SGX-DC became the first Asian firm registered by the US Commodity Futures Trading Commission as a Derivatives Clearing Organization, permitting it to clear eligible swaps for US persons. Its margin model is risk-based, targeting at least 99% confidence with a one to five day close-out period depending on contract liquidity, recalculated four times a day; a defaulting member's own margin is used first, with any residual loss mutualised through the SGX-DC Clearing Fund, sized so members' contributions scale with the risk they bring to the system. Michael Syn, President of SGX, holds the director and CEO role covering SGX's regulated businesses, including derivatives trading and derivatives clearing. In November 2025, SGX Derivatives extended its cleared product set into digital assets, launching Bitcoin and Ether perpetual futures referenced to iEdge CoinDesk crypto indices; the contracts opened with about $35 million in first-day notional volume across eight clearing members including Marex, StoneX Financial and Phillip Nova.
