Financial results
CME’s S$517.8m letter of credit to SGX was larger than SGX-DC’s member-funded clearing pool
The SGX annual report discloses a reciprocal cross-exchange collateral structure: CME lodged a S$517.8m letter of credit, while SGX-DC carried S$491.9m of related guarantees. The mechanism is distinct from ordinary member margin and cannot be read as free corporate liquidity.