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Vitol Group, one of the largest global energy traders has become a trade member of the Singapore Mercantile Exchange.

Vitol has obtained trade memberships for its global headquarters in Geneva (Vitol SA) and its Asian headquarters in Singapore (Vitol Asia).

Commenting on the news that both Vitol and leading proprietary trading group TransMarket Group L.L.C. had become trade members, Thomas J. McMahon, Chief Executive Officer of SMX, said: “Vitol and TransMarket Group are amongst our expanding list of Trade Members who will increase the liquidity pool on SMX. Vitol and TMG trade significant volumes everyday on exchanges across the world. SMX will enable them to strengthen their customer relationships in the Asian region. Both are well established in their respective fields showing diversity in the financial as well as physical market space.”

Functioning primarily as a physical trader, Vitol executes trades over a comprehensive spectrum of energy products. Vitol ships over 300 million tonnes of energy products per year, with revenues of approximately US$143 billion in 2009.

SMX has received in-principle approval from the Monetary Authority of Singapore to operate Singapore’s first Asian multi-product commodity derivatives exchange.

SMX announced earlier that the exchange will go live in August 2010 on its state-of-the-art electronic trading platform.

The first phase of product launches will include the West Texas Intermediate (WTI) Crude Oil, and the Brent-Euro Crude Oil amongst the others.