After the Intercontinental Exchange (NYSE:ICE) purchased the Singapore Mercantile Exchange and the Singapore Mercantile Exchange Clearing Corporation last year, it has become the first non-Asian exchange to own a clearing house in the region. Earlier this year, it rebranded the acquired entities to ICE Futures and ICE Clear Singapore and unveiled its plans to restart operations in March 2015.
Following feedback from local market participants, the Intercontinental Exchange (NYSE:ICE) announced today the specifications of the first five futures contracts to be listed for trading and clearing at ICE Futures Singapore and ICE Clear Singapore, subject to a regulatory approval by the Monetary Authority of Singapore (MAS).
The first five futures contracts are on Mini ICE Brent Crude, One-kilo Gold, Chinese Cotton No.1, Chinese White Sugar and the Chinese Renminbi.
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The Intercontinental Exchange Inc. (NYSE:ICE) has also decided to leverage its repository technology in the region and ICE Trade Vault LLC submitted a foreign trade repository application to the MAS.
Intercontinental Exchange Inc.’s operating arms in the region, ICE Futures Singapore and ICE Clear Singapore, are headed by long-term industry veteran Lucas Schmeddes, serving as president and chief operating officer, previously working at ICE Endex in the Netherlands, which constitutes the company’s Dutch gas and power derivatives business.
Following is a table of the contract specifications for InterContinental Exchange’s offerings in Singapore.