The Sydney Futures Exchange (SFE) has laid further foundations to establish Sydney as the clearing centre for the Asia-Pacific region with the announcement of an agreement to outsource core clearing technology and operational support functions to a Sydney hub of the OM group of Sweden according to Senator Ian Campbell, Parliamentary Secretary to the Treasurer.
'I welcome the SFE agreement with OM as it enhances SFE operations, and expands the scope for trading and clearing alliances throughout the region,' said Senator Campbell.
'The agreement between SFE and OM will further promote Australia as a leading financial nation in the region.'
In Sydney OM will develop a new Central Securities Depository System and next generation fixed-income clearing system on behalf of SFE to replace the existing FINTRACS system. The new system will be integrated with SECUR, the OM derivatives clearing and settlement system. This will provide SFE with a common infrastructure for the clearing and settlement of all SFE-listed derivatives and debt securities in Australia.
'The CSD and further developments will impart technology management efficiencies
and service level improvements - enabling SFE to extend its clearing capabilities
to include equities and property settlement,' said Senator Campbell.
'The new global standards-based system will augment the propensity of SFE to
offer new products and services - furthering the scope for growing trade and
clearing alliances within the region.'
14 January 2002
Contact: Georgia-Kate Schubert, 02 6277 3955 or 0419 265234
www.treasurer.gov.au/ParliamentarySecretary