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ICE closes on Singapore Mercantile Exchange deal

Published on NewsOK Modified: February 3, 2014 at 6:14 am •  Published: February 3, 2014

NEW YORK (AP) — IntercontinentalExchange has completed its acquisition of the Singapore Mercantile Exchange after receiving regulatory approval from the Monetary Authority of Singapore.

The deal gives ICE its first access to Asia's exchange and clearing infrastructure. The transaction was first announced in November. The price was not disclosed.

The Singapore Mercantile Exchange, including SMX Clearing Corp., will remain based in Singapore and run separately with its own independent board of directors. The exchange and clearing house will transition from existing technology to the ICE trading and clearing platforms in due course.

ICE said Monday that it anticipates making some technology changes. It also said that it will consult with market participants, clearing members, and regulators and will evaluate the product and clearing strategy of the Singapore Mercantile Exchange to ensure the offering meets market participants' needs in the region.

In November Atlanta-based IntercontinentalExchange Group Inc. closed on a deal that included the New York Stock Exchange.

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