SGX to charge negative interest to clearing members
Excess euro and yen cash deposits expected to generate 20–40bp charge
Singapore Exchange (SGX) will begin passing negative interest rates on excess yen and euro cash collateral to its clearing members, Risk.net has learned. The exchange estimates the new policy will cost members between 20 and 40 basis points in its first month, adding to the pressure on futures commission merchants (FCMs), which have traditionally relied on interest income for a big chunk of their
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