MAS: Annual report 2006 / 2007
	CONTENTS HOME   ENTERPRISE: Our Role BUILDING ON A ROBUST MACROECONOMIC ENVIRONMENT DEVELOPMENTS IN THE SINGAPORE SECURITIES MARKET FOSTERING A SOUND & REPUTABLE FINANCIAL CENTRE RISK MANAGEMENT & INFRASTRUCTURE GROWING SINGAPORE AS AN INTERNATIONALLY COMPETITIVE FINANCIAL CENTRE CURRENCY ORGANISATIONAL INITIATIVES		GROWING SINGAPORE AS AN INTERNATIONALLY COMPETITIVE FINANCIAL CENTRE 34 Asset Management 34 Box 7 - Emerging Clusters In Singapore’s Financial Services 35 Active Trading in the Equities and Derivatives Market 37 Leading Real Estate Investment Trusts Market in Asia 38 Shipping Trusts Seek Singapore Listing 38 Infrastruc ture Finance Taps the Capital Markets 38 Box 8 - Regulatory Oversight Of Commodity Futures 38 Growth in Collateralised Debt Obligations Market 39 Growth in Over-the-Counter Commodity Derivatives     Central Counterparty Clearing Activity 39 Box 9 - Listing Of Pioneer Exchange Traded Funds 39   Growth in Over-the-Counter Commodity Derivatives Central Counterparty Clearing Activity Singapore continues to be the hub for OTC commodities trading in the region, capturing more than 10% of global OTC commodities. In May 2006, SGX launched a central counterparty clearing facility, SGX AsiaClear, to mitigate counterparty risks and create operational efficiencies for the marketplace. By December 2006, seven months after its launch, SGX AsiaClear had secured a diversified pool of over 60 counterparty accounts on its OTC trading and clearing network. It is supported by 16 SGX OTC Clearing Members and 14 participating OTC Brokers. There are currently ten Oil Swaps, nine dry Forward Freight Agreements (FFAs) and three wet FFAs available. The OTC Fuel Oil complex of products has been the most actively traded and cleared. This includes the Fuel Oil 180cst and 380cst Contracts and also the recently launched Balance-of-Month Fuel Oil and Gas Oil Contracts.