ICE Clear Singapore, the Singapore arm of Intercontinental Exchange (NYSE:ICE), a global operator of international exchanges and clearinghouses, has approved JPMorgan as a clearing member with immediate effect, enhancing its relationship with the lender in Asia, according to an ICE Clear statement.
ICE Clear Singapore has relied on a multitude of clearing members since its inception in 2013 – Its first three clearing members were KGI Ong Capital Pte Ltd, Phillip Futures Pte Ltd and UOB Bullion and Futures Ltd. As its fourth clearing member, JPMorgan help will provide a fortified offering to clients.
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Market Growth in Focus
ICE has become the first international exchange group to establish a permanent presence in Singapore. The announcement comes amidst a burgeoning Singaporean market that has seen an uptick in volumes during 2016. This was also reinforced by a growth in Asia-based trading activity across ICE’s benchmark commodity and interest rate products, both of which have seen a methodic rising in the region as it carves out a larger role in global derivatives markets.
According to David Martin, Managing Director, JPMorgan Securities Singapore, in a recent statement on the approval: “J.P. Morgan is pleased to expand our existing relationship with ICE as it continues to strengthen its presence in Asia. Our appointment as a clearing member for ICE Clear Singapore is also a clear statement of our commitment to this market, which maintains its position as a globally important financial center.”
“We are seeing increased interest and trading activity and working closely with the regional market, we will continue to develop our offering to support the trading and risk management needs of customers,” noted Lucas Schmeddes, President and Chief Operating Officer (COO), ICE Futures Singapore and ICE Clear Singapore, in an accompanying statement.