05 September 2015

ICE completes acquisition of Singapore Mercantile Exchange

03 February 2014  |  975 views  |  0 Source: IntercontinentalExchange

IntercontinentalExchange Group (ICE), the leading global network of exchanges and clearing houses, today announced the successful completion of its previously announced acquisition of Singapore Mercantile Exchange (SMX), following regulatory approval by the Monetary Authority of Singapore (MAS).

The acquisition adds to ICE's current network of markets and clearing houses in the U.S., Canada, Brazil, the U.K. and continental Europe and provides ICE with exchange and clearing infrastructure in Asia for the first time.

As previously announced, SMX, including the SMX Clearing Corporation (SMXCC), will continue to be based in Singapore and operate as a separate recognised body with its own independent board of directors, including Ang Swee Tian, the former President of the Singapore Exchange (SGX). The exchange and clearing house will transition from existing technology to the ICE trading and clearing platforms in due course.

ICE anticipates there will be a period of business transition in which ICE will implement technology changes and, in consultation with market participants, clearing members, and regulators, will evaluate the product and clearing strategy of SMX to ensure the offering meets market participants' needs in the region.

ICE's financial advisor is Morgan Stanley. ICE's international legal advisor is Shearman & Sterling LLP and domestic legal advisor in Singapore is Allen and Gledhill and in India is Luthra & Luthra. FTIL's financial advisor is Moelis & Company. FTIL's international legal advisor is Rajah & Tann and domestic legal advisor is JSA.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related company news

 

Who is commenting?

Finextra Member Commented on: HSBC to rebrand Britsh...
Finextra Member Commented on: Zapp to use behavioura...

Top topics

Most viewed Most shared
Third of Brits expect day-to-day mobile pa...
8561 views comments | 40 tweets | 15 linkedin
PayPal rolls out personalised URLs for P2P...
5864 views comments | 34 tweets | 19 linkedin
UK boosts contactless limit to £30
5862 views comments | 31 tweets | 20 linkedin
Behold the contactless jacket
5675 views comments | 23 tweets | 18 linkedin
MasterCard extends startup search globally
5392 views comments | 14 tweets | 5 linkedin

Featured job

Basic £100K+ OTE £200K+
London

Find your next job