IntercontinentalExchange, Singapore Mercantile Exchange close merger.
BANKING AND CREDIT NEWS-February 4, 2014--IntercontinentalExchange, Singapore Mercantile Exchange close merger
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4 February 2014 -- Atlanta US-based exchange and clearing house operator IntercontinentalExchange Group (NYSE: ICE) said it has closed its acquisition of Singapore Mercantile Exchange following regulatory approval by the Monetary Authority of Singapore.
The acquisition adds to ICE's current network of markets and clearing houses in the US, Canada, Brazil, the UK and continental Europe and provides ICE with exchange and clearing infrastructure in Asia for the first time.
SMX, including the SMX Clearing Corp (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, ICE said.
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.
IntercontinentalExchange is the network of regulated exchanges and clearing houses for financial and commodity markets. ICE has a portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.
Find out more at www.theice.com.
1 USD = 0.6131 GBP
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Feb 4, 2014|
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