Singapore Exchange to launch new Asian bond trading platform
(Reuters) - Singapore Exchange Ltd said on Monday it had formed a joint venture company to launch a new Asian bond trading platform this year.
The bourse operator said it will launch the platform, Trumid XT, with New York-based fintech company Trumid and private equity firm Hillhouse Capital.
"Trumid XT will connect the commercial footprint and liquidity from SGX's Bond Pro and Trumid's Market Center in the United States to provide a robust network for trading of Asian fixed income," the firms said in a joint statement.
Singapore Exchange unit, Asian Gateway Investments, will take about one-third stake in the combined company, which will be paid by selling all its shares in SGX Bond Trading Pte. Ltd., along with cash and some other provisions.
(Reporting by Rashmi Ashok and Shashwat Awasthi in Bengaluru; Editing by Arun Koyyur)
