22 January 2017
visit http://www.wolterskluwerfs.com

ICE completes acquisition of Singapore Mercantile Exchange

03 February 2014  |  1202 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)
http://www.financialcrimerisk.fiserv.com/aml?r=finextra Visit capgemini.com

Who is commenting?

Top topics

Most viewed Most shared
Banks face big profit loss to digitisation - McKinseyBanks face big profit loss to digitisation...
16970 views comments | 95 tweets | 113 linkedin
Seven banks plan blockchain platform for SMEsSeven banks plan blockchain platform for S...
13077 views comments | 48 tweets | 45 linkedin
Accenture beats Brexit blues with largest-ever London startup programmeAccenture beats Brexit blues with largest-...
11236 views comments | 31 tweets | 20 linkedin
US fintech firms join forces to push data sharing via APIsUS fintech firms join forces to push data...
8588 views comments | 46 tweets | 44 linkedin
HSBC forms tech advisory boardHSBC forms tech advisory board
6697 views comments | 22 tweets | 23 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job