The Singapore Mercantile Exchange (SMX), which bills itself as the first "pan-Asian multi-product commodity and currency derivatives exchange," opened for its first day of trading today.

The SMX is in some key ways a response to the growing demand in the Asian sector for a high-tech derivatives trading venue that will bring in customers seeking global liquidity and exposure to rapidly expanding Asian markets.

"Specialized derivatives solutions allow SMX to enhance market risk management and unlock hidden value by creating markets. It will be broad-based, have multiple product lines and bring members across the global industry together to a central marketplace under one platform to do business," said Thomas McMahon, the chief executive officer of the SMX.

Ong Chong Tee, the deputy managing director of the Monetary Authority of Singapore, attended the opening ceremony and said that the new derivatives exchange would "strengthen Singapore’s lead as the region’s financial hub."

Many analysts and investors believe that as derivatives regulation in the developed markets of Europe, Britain and the United States reshapes the playing field, alternative venues in Singapore, Hong Kong, Dubai, Australia and other locations will take on increased importance. In addition, the rapid growth of Asian economies makes them a lucrative sector for commodities investing.