The Atlanta based InterContinental Exchange Group has unveiled its plans related to the management of the firm’s recently developed Singapore unit after it acquired the Singapore Mercantile Exchange Pte for $150 million in September last year. After the conclusion of the deal the ICE has become the first non-Asian exchange that owns its own clearing house in the region.
The company has unveiled that next week, the Singapore Mercantile Exchange and the Singapore Mercantile Exchange Clearing Corporation would be renamed as ICE Futures Singapore and ICE Clear Singapore. Both of the firm’s operations will be headed by long term industry veteran Lucas Schmeddes, serving as President and Chief Operating Officer, who comes from ICE Endex in the Netherlands which is the company’s Dutch gas and power derivatives business.
Jennifer Ilkiw will serve as Vice President of ICE for the Asia Pacific region, having previously worked at the New York Mercantile Exchange and the Monetary Authority of Singapore. The company has also announced the full list of directors which will serve on the board of ICE futures Singapore and ICE Clear Singapore. The board will be comprised by the ICE Group CEO, Jeffrey C. Sprecher, David S. Goone who serves as ICE Group’s Senior Vice-President and Chief Strategy Officer.
ACY Securities Supports ASIC’s Product Intervention OrderGo to article >>
In addition, members of the board include Vijay Iyengar, who has been at the helm as Managing Director and Founder of Agrocorp International Pte Ltd, which is a Singapore based International Commodity Trading and Distribution House. Mr Ang Swee Tian joins the board’s ranks from acting as Non-Executive Chairman of Singapore Mercantile Exchange Pte Ltd. and Mr Tan Soo Nan who acts as CEO of Singapore Pools Limited, and serves as a board member in a couple of other companies in the region.
All changes are subject to a final regulatory approval by the Singapore Monetary Authority. According to the press release issued by ICE, the Singapore Exchnage is expected to transition to the ICE trading and clearing platforms in the second half of 2014.
With the final framework ICE is in a unique position to cater to the need of customers who have been more or less worried about the lack of a clearing venue in the region after the US and EU regulatory framework has fragmented markets and resulted in more complex risk management practices for Asian traders.