29 June 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

SGX to take majority stake in Singapore Commodity Exchange

27 February 2008  |  9109 views  |  0 SGX to take majority stake in Singapore Commodity Exchange

The Singapore Exchange (SGX) says it has agreed in principle to buy a stake "of at least 95%" through the subscription of shares in the Singapore Commodity Exchange (Sicom) in a deal worth around S$7.5 million.

Sicom provides a marketplace for commodity futures, focusing on rubber. Its computerised trading network links market-makers and brokers, providing them with a price discovery system. Futures contracts transacted between buyers and sellers are cleared through Sicom's clearing house.

The acquisition - subject to regulatory approval and the consent of Sicom's shareholders - is expected to be completed by the end of June 2008.

Commenting on the deal, Hsieh Fu Hua, CEO, SGX, says: "Sicom is a well-known exchange in the international rubber business, with an established base of market participants. SGX has the systems and clearing capabilities, international membership and resources to enhance economies of scale and facilitate growth."

Both exchanges have recently signed deals with Swedish technology group and exchange operator OMX. Sicom is rolling out a new Web-based trading and clearing platform for commodity derivatives which is slated for launch in Q3 2008.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Singapore Commodity Exchange signs for OMX trading technology

Singapore Commodity Exchange signs for OMX trading technology

30 November 2007  |  5898 views  |  0 comments
OMX reports SGX clearing system deal

OMX reports SGX clearing system deal

27 November 2007  |  7924 views  |  0 comments
Trading Technologies opens Asian gateway

Trading Technologies opens Asian gateway

23 April 2007  |  4567 views  |  0 comments
SGX to launch post-trade processing service

SGX to launch post-trade processing service

09 October 2006  |  7206 views  |  0 comments
SGX and ASX to shut down co-trading link

SGX and ASX to shut down co-trading link

09 August 2006  |  6620 views  |  0 comments
Singapore Exchange turns to OMX for new order management system

Singapore Exchange turns to OMX for new order management system

12 April 2006  |  8631 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.events.sap.comdownload the report nowvisit www.response.ncr.com

Top topics

Most viewed Most shared
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
9470 views comments | 19 tweets | 38 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
9138 views comments | 10 tweets | 6 linkedin
HSBC hires Biggs to lead business model innovationHSBC hires Biggs to lead business model in...
8336 views comments | 16 tweets | 14 linkedin
Mastercard eyes opportunities to profit from sharing economyMastercard eyes opportunities to profit fr...
7697 views comments | 6 tweets | 6 linkedin
Body blow for PayKey as Apple orders Westpac off its turfBody blow for PayKey as Apple orders Westp...
7306 views comments | 12 tweets | 14 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job