22 January 2018
visit http://response.ncr.com

ICE completes acquisition of Singapore Mercantile Exchange

03 February 2014  |  1413 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 www.fivedegrees.nlvisit www.niceactimize.comvisit www.ebaday.com

Top topics

Most viewed Most shared
BofA leads on blockchain patentsBofA leads on blockchain patents
8658 views comments | 12 tweets | 12 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
8579 views comments | 14 tweets | 14 linkedin
Banks shift priorities toward growth, digitisation and innovation - surveyBanks shift priorities toward growth, digi...
7997 views comments | 33 tweets | 39 linkedin
hands typing furiouslyFintech Adoption is About People, Not Tech
7502 views 1 | 8 tweets | 2 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job