IntercontinentalExchange (ICE) Group has completed its acquisition of Singapore Mercantile Exchange (SMX), following regulatory approval by the Monetary Authority of Singapore (MAS).
The November 2013 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.
SMX, including the SMX Clearing Corporation (SMXCC), will continue to be based in Singapore and operate as a separate recognized 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 says it 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 Completes Acquisition of SMX
IntercontinentalExchange (ICE) Group has completed its acquisition of Singapore Mercantile Exchange (SMX), following regulatory approval by the Monetary Authority of Singapore (MAS).
« Rising South American Trade Volume Creates Need for Post-Trade Automation, Says Omgeo Exec