Singapore - The Singapore Exchange (SGX) has amended rules to allow banks to be admitted as clearing members of its securities market starting next month, the SGX said on Wednesday.

The move will help widen the pool of market participants and increase its customer base, SGX said.

Approved banks will be able to offer clearing services to SGX trading members without having to incorporate a separate company to apply for clearing membership, the case in the past.

Non-clear participants will be able to save costs arising from clearing and settlement operations, SGX said. (dpa)