AsiaNet 45158

SINGAPORE, June 22, 2011 (ANTARA/PRNewswire-Asia-AsiaNet) --

The Singapore Mercantile Exchange ("SMX") announced today that Mr. V Hariharan has been appointed as the interim CEO with effect from June 20, 2011. He will take over from Mr. Thomas McMahon, who leaves SMX at the end of this month but continues to lend his market knowledge to the group as an external adviser.

Mr. Hariharan is a qualified technology and management professional with extensive experience in areas of technology development and conceptualization, exchange management, business strategy and international relations. He has immense knowledge in the field of exchanges, with previous stints at the Bombay Stock Exchange (BSE), National Stock Exchange of India Ltd. (NSE) and Multi Commodity Exchange of India Ltd. (MCX). Mr. Hariharan has been notably involved in MCX (6th largest commodity Exchange in the world), and Indian Electricity Exchange (IEX - No. 1 Electricity Exchange of India) where he has been involved right from the inception as director on the board to implement these green-field Exchanges.

From December 2000, he has held pivotal roles within the Financial Technologies Group -- a leading provider of trading technology solutions and the creator of several exchange and support eco-system ventures across India, Middle East, Asia and Africa. Mr. V Hariharan has been director on the board of various exchanges and support companies including the boards of SMX and its wholly-owned subsidiary, SMX Clearing Corporation from the very beginning.

"The Board is pleased to have Mr. Hariharan at the helm of SMX during this critical transitional phase. With his vast experience of new exchange implementation in multiple Greenfield projects and his long association with the SMX, we are confident he will keep the Exchange on a steady course," says Mr. Ang Swee Tian, Chairman of SMX.

About Singapore Mercantile Exchange:

Singapore Mercantile Exchange is a pan-Asian multi-product commodity and currency derivatives exchange situated in Singapore. It offers a comprehensive platform for trading a diversified basket of commodities, including futures and options contracts on precious metals, base metals, agriculture commodities, energy, currencies and indices.

SMX offers market participants the benefits of market transparency, time zone convenience, price discovery and benchmarking, price risk management and multiple connectivity options. Counterparty clearing and settlement risk is effectively managed through its clearing house, the Singapore Mercantile Exchange Clearing Corporation.

The regulator of Singapore's financial markets - the Monetary Authority of Singapore (MAS) - granted SMX 'Approved Exchange' status since 2010.

SMX is backed by the world's leading creator of exchanges - Financial Technologies (India) Limited - which has successfully established 10 exchanges across India, Dubai, Singapore, Africa, Mauritius and Bahrain.

SMX is a member of leading international derivatives industry associations, such as 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).

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SOURCE Singapore Mercantile Exchange

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