By Jamie Lee

Singapore Exchange (SGX) is working with Singapore's first futures brokerage on a professional traders development programme, SGX said yesterday.

SGX said it would work with futures broker Ong First Tradition to set up a new trading arcade that would provide seminars, workshops and mentorship, so as to attract and train new futures traders.

Ong First Tradition began in 1984 as a joint venture between Ong Commodities and the First National Bank of Chicago, which is now part of JPMorgan Chase Bank. It is 35 per cent owned by Swiss broker Compagnie Financière Tradition.

The partnership comes amid increasing interest in the profession and futures trading, SGX said. The daily average trading volume of the MSCI Singapore futures contract rose 19 per cent in the second half of 2011 compared to the first six months of the year to a record high of 18,895 contracts.

The programme will contribute to building a more vibrant derivative trading landscape in Singapore, said Chew Sutat, SGX executive vice-president who oversees the SGX Academy.

Ng Tee How, president of the Association of Financial & Commodity Traders (Singapore), said: 'Professional futures trading has evolved from the open outcry system on the trading floor to the current form of electronic trading which is less visible.

'It is thus timely now to raise awareness of the profession and grow the community by attracting new traders.'

Separately, SGX said it has hired Glenn Seah as head of compliance, replacing Joyce Fong who had quit late last year after 20 years with the exchange.

Mr Seah, who will take on his new role on Feb 7, was previously head of market surveillance with SGX. He had left for Standard Chartered Bank, where he was regional head of wholesale bank compliance in Singapore and South-east Asia.

Prior to this, Mr Seah was a deputy public prosecutor and state counsel with the Attorney-General's Chambers for several years.