Abaxx Exchange Adds Yongan International SG As Clearing, Trading Member  

KUALA LUMPUR, June 25 (Bernama) -- Abaxx Technologies Inc (Abaxx) announced that Yongan International Financial (Singapore) Pte Ltd (Yongan International SG) will begin offering trading and clearing access to clients on Abaxx Exchange from June 29.

In a statement, the company said Yongan International SG, a Singapore-based futures brokerage, has been approved as a clearing member of Abaxx Clearing and a trading member of Abaxx Exchange.

Abaxx Exchange Chief Executive Officer (CEO), Nancy Seah said Yongan International SG's participation strengthens the exchange's clearing network and supports broader access to risk management tools for regional commodities markets.

Meanwhile, Yongan International SG CEO, Josh Qiao said the membership will provide clients with access to contracts designed to support risk management and price discovery across energy, metals and industrial supply chains.

According to Abaxx, the membership enables Yongan International SG to provide commercial hedgers and institutional clients across Hong Kong and Asia with direct access to the exchange's energy, environmental, battery materials and precious metals markets.

Abaxx said the approval makes Yongan International SG the first Chinese-backed futures firm able to both trade and clear products listed on Abaxx Exchange.

Yongan International SG is a wholly owned subsidiary of Xin Yongan International Financial Holdings Ltd in Hong Kong, which is a subsidiary of Yongan Futures Co Ltd.

Abaxx Technologies is a financial software and market infrastructure company and the majority shareholder of Abaxx Singapore Pte Ltd, which operates Abaxx Exchange and Abaxx Clearing in Singapore.

-- BERNAMA