Page 166 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

markets and the broader external environment, and their potential impact on
Singapore’s financial system.

Singapore’s local banking groups had an aggregated commodities financing

exposure of S$109 billion as at end 2021, which is around 9% of their total credit

exposures.

In the face of sharp spikes in global commodity prices, commodity trading firms

have increased their demand for working capital to meet higher margin requirements.

They have had to use more derivatives more widely to hedge their exposures against

price volatility. Firms which do not manage their risks well may run into difficulty in

servicing their loans.

As for China, the mobility restrictions are expected to have some impact on

production and supply chains. There is uncertainty over how long these restrictions

would persist and their spillover effects on commodity markets and regional
economies, including Singapore.

Banks in Singapore have understandably stepped-up monitoring of their

exposures to borrowers that might be adversely affected by these developments.

Measures taken include performing stress tests on borrowers’ balance sheets to assess

the impact of supply chain disruptions, heightened commodity prices, and energy

supply constraints. MAS will continue to engage key banks to ensure they are

working with borrowers to manage these risks as the situation evolves.

There is no need for MAS to provide liquidity to commodity firms, and MAS

would at most times prefer not to engage in direct provision of liquidity to corporate

borrowers. The banking system continues to provide credit to the commodity trading

sector to meet firms’ liquidity needs. Enterprise Singapore's interactions with the

commodities sector also suggests that financing conditions for commodity traders

remain stable. Commodity traders also tap on a diverse pool of financing, including
banks overseas and international capital markets.

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