Futures industry technology provider FIA Tech announced on Wednesday that its Trade Data Network (TDN) is now certified with and connected to the Singapore Exchange (OTC:SPXCY) (SGX Group). The company plans to roll out TDN connectivity to all SGX members subscribed to TDN in Q4 2023.
The TDN initiative aims to address the fragmentation and lack of transparency in exchange-traded derivatives (ETD) post-trade processing by providing a market infrastructure and shared ledger of trading information. Currently, TDN includes 16 banks/brokers and 50 investment managers and hedge funds, managing combined assets of over $37 trillion.
Beginning in Q4 2023, SGX member firms subscribed to TDN will gain increased transparency into their trade give up/take in process on SGX, including the ability to see the current status of all their SGX fills. SGX Group is the third exchange to connect to TDN, following CME Group (NASDAQ:CME) and Eurex.
Nick Solinger, President and CEO of FIA Tech, said, “We are delighted to have SGX connected to TDN and look forward to having SGX TDN members fully operational soon. 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.”
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