27 April 2017
Visit EBAday.com

ICE completes acquisition of Singapore Mercantile Exchange

03 February 2014  |  1245 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)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit vasco.com/news/PSD2-compliant-solutionsVisit capgemini.comvisit dh.com

Top topics

Most viewed Most shared
hands typing furiouslyBitcoin ETF Bites the Dust, Needs More Sec...
13427 views 0 | 7 tweets | 7 linkedin
BBVA runs live funds transfers over RippleBBVA runs live funds transfers over Ripple
11845 views comments | 31 tweets | 20 linkedin
Alipay and WeChat near $3 trillion payments milestoneAlipay and WeChat near $3 trillion payment...
9993 views comments | 35 tweets | 38 linkedin
Coinbase plans Ethereum messaging appCoinbase plans Ethereum messaging app
9065 views comments | 14 tweets | 15 linkedin
EC plans blockchain 'observatory'EC plans blockchain 'observatory'
8428 views comments | 9 tweets | 16 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job