Singapore - The Singapore Mercantile Exchange (SMX) Monday said it has been admitted as a member of a number of leading international derivatives trade associations.

Formed in July 2008, SMX has joined the Futures Industry Association (FIA), the Swiss Futures and Options Association (SFOA), the Association of Futures Markets (AFM) and the Futures and Options Association (FOA).

The trade exchanges collectively encompass many leading exchanges and clearing houses in the commodities field, including the Chicago Mercantile Exchange
(CME), Eurex, Multi Commodity Exchange of India, LIFFE, the London Metal Exchange and the Tokyo Commodity Exchange, said SMX.

Through its membership in these associations, SMX has established a global network with other commodities exchanges, financial institutions and commodities trading houses.

SMX said it would benefit from the forums these associations provide when liaising with international regulators in standardizing practices and policies to achieve greater efficiency in cross-border trading.

SMX, a wholly-owned subsidiary of Financial Technologies (India) Limited, currently manages 10 exchanges - five in India and one each in Dubai, Singapore, Africa, Mauritius and Bahrain. It is aiming to start trading in a commodity contract in Singapore this year.