IntercontinentalExchange Closes Singapore Mercantile Exchange Acquisition

(RTTNews) - IntercontinentalExchange Group (ICE) said it has completed the purchase of Singapore Mercantile Exchange or SMX, following regulatory approval by the Monetary Authority of Singapore or MAS. The acquisition adds to ICE's current network of markets and clearing houses in the U.S., Canada, Brazil, the U.K. and continental Europe and provides ICE with exchange and clearing infrastructure in Asia for the first time.

SMX, including the SMX Clearing Corp. or SMXCC, would continue to be based in Singapore and operate as a separate recognised body with its own independent board, including Ang Swee Tian, the former President of the Singapore Exchange or SGX. The exchange and clearing house would transition from existing technology to the ICE trading and clearing platforms in due course.

ICE anticipates that there would be a business transition period, in which ICE would implement technology changes and, consulting with market participants, clearing members, and regulators, would assess the product and clearing strategy of SMX to ensure the offering meets market participants' needs in the region.

ICE's financial advisor is Morgan Stanley. ICE's international legal advisor is Shearman & Sterling LLP and domestic legal advisor in Singapore is Allen and Gledhill and in India is Luthra & Luthra. FTIL's financial advisor is Moelis & Company. FTIL's international legal advisor is Rajah & Tann and domestic legal advisor is JSA.