Linklaters advises Deutsche Börse Group on the establishment of a clearing house in Singapore
Linklaters advises Deutsche Börse Group on setting up a clearing house in Singapore, a project for which the Monetary Authority of Singapore (MAS) granted in-principle regulatory clearance in January.
The new Eurex Clearing Asia clearing house will enable investors to additionally make use of the offerings of the international marketplace organiser during trading hours in Asia. With this, Deutsche Börse Group will both be opening up further attractive business opportunities for market participants and firmly establishing itself as a major player in the financial centre of Singapore as well.
Scheduled to begin in 2016, operations will initially focus on trading selected European benchmark derivatives listed on the Eurex Exchange, with the plan being to add listed derivatives on Asian underlyings to the range of clearing services at a later date.
In Europe, Deutsche Börse Group intends to seek recognition of the new clearing house as a third-country central counterparty by the European Securities and Markets Authority (ESMA) so that this Asia-based clearing services can also be offered to market participants within the European Union.
A Linklaters team led by Dr Kurt Dittrich and Dr Herbert Harrer (both Capital Markets/Structured Finance, Frankfurt) advises Deutsche Börse Group. The team also includes Dr Sebastian Benz (Tax, Düsseldorf), Dr Frederik Winter (Financial Regulation, Frankfurt), Oliver Rosenberg (Tax, Düsseldorf), Dr Burkhard Rinne, Sebastian Dey (both Capital Markets/Structured Finance, Frankfurt), Dr Tim Mundhenke, Philipp Brauksiepe (both Tax, Düsseldorf), Dr Verena Ritter-Döring, Janis Petrowsky (both Financial Regulation, Frankfurt), Dr Alexander Fritzsche (Capital Markets/Structured Finance, Frankfurt) and Marc Voelcker (Capital Markets, Berlin).
In addition, further foreign Linklaters offices are involved in the provision of advice.