GLX will operate its online LNG platform in Singapore through GLX Pte Ltd (UEN : 201605068K) a Singapore-incorporated company. After discussions with International Enterprise Board Singapore (IE Singapore), and based on the duration of contracts that can currently be traded via GLX’ LNG platform, GLX has received clearance that it does not require a licence under the Commodity Trading Act (Chapter 48A of Singapore) (CTA) as a commodity market dealing in “commodity forward contracts”. GLX has also received confirmation from IE Singapore that it is exempt from licensing as a spot commodity broker.
GLX is in the process of submitting a further application to the relevant regulators in Singapore to operate a forward LNG market based in Singapore. This further application, if successful, will allow GLX to offer its members the ability to trade longer dated physical contracts on the GLX online LNG platform. Members are also reminded to assess for themselves and if necessary consult their own professional advisers as to whether they are required to hold any licence under the CTA and whether they may rely on any licensing exemptions in the Schedule to the CTA.