LONDON--(BUSINESS WIRE)-- IntercontinentalExchange Group (NYSE: ICE), the leading global network of exchanges and clearing houses, today announced the successful completion of its previously announced acquisition of Singapore Mercantile Exchange (SMX), following regulatory approval by the Monetary Authority of Singapore (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.
As previously announced, SMX, including the SMX Clearing Corporation (SMXCC), will continue to be based in Singapore and operate as a separate recognised body with its own independent board of directors, including Ang Swee Tian, the former President of the Singapore Exchange (SGX). The exchange and clearing house will transition from existing technology to the ICE trading and clearing platforms in due course.
ICE anticipates there will be a period of business transition in which ICE will implement technology changes and, in consultation with market participants, clearing members, and regulators, will evaluate 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.
About IntercontinentalExchange Group
IntercontinentalExchange Group (NYSE: ICE) is the leading network of regulated exchanges and clearing houses for financial and commodity markets. ICE delivers transparent, reliable and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.
Trademarks of ICE and/or its affiliates include IntercontinentalExchange, ICE, ICE block design, NYSE Euronext, NYSE, New York Stock Exchange, LIFFE and Euronext. Information regarding additional trademarks and intellectual property rights of IntercontinentalExchange Group, Inc. and/or its affiliates is located at https://www.theice.com/terms.jhtml and http://www.nyx.com/terms-use.
ICE Safe Harbour Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the SEC on February 6, 2013.
Source: IntercontinentalExchange Group