ASX Eyes Hedge Funds With Singapore Base

The Australian Securities Exchange is set to open an office in Singapore this year in an effort to attract hedge funds to opportunities Down Under.

The ASX is expanding its derivatives business, and hopes that Asia's growing hedge fund industry will be a major source of new customers.

"It will be a meaningful presence," ASX CEO Peter Hiom told Bloomberg News of his new city-state base. "There's an untapped opportunity for us in Southeast Asia."

ASX also plans to add client clearing services in April, allowing managers to put their collateral for derivatives trades with the exchange itself rather than with brokers, like the collapsed MF Global.