Singapore Exchange and ICAP to develop new Asian currency products

SINGAPORE, Jan 14 (Reuters) - Singapore Exchange (SGX (SES: E1:S68.SI - news) ) and ICAP (LSE: IAP.L - news) 's EBS will together develop a new range of Asian currency products and services, the two companies said on Wednesday.

EBS, ICAP's electronic foreign-exchange business, and Singapore Exchange expect the products to strengthen liquidity in both the over-the-counter foreign exchange and futures markets in Asia.

Customers will initially be offered access to Singapore Exchange-listed currency derivatives through the EBS platforms, to be cleared by SGX.

So far, SGX has introduced 11 foreign-exchange futures contracts, including the Indian rupee and Chinese yuan, trading more than $26 billion in aggregate notional value since launch, it said in a statement.

Regulatory reforms around the world are trying to push for the trillions of dollars in over-the-counter derivatives to be centrally cleared to try to reduce the level of risk posed to the financial system.

Singapore is the world's third-largest foreign-exchange trading centre behind London and New York. (Reporting by Saeed Azhar; Editing by David Goodman)