Intercontinental Exchange (NYSE:ICE), the leading global network of exchanges and clearing houses, today announced that ICE Futures Singapore and ICE Clear Singapore expects to launch on November 17, 2015, with five new contracts.
Subject to final approval by the Monetary Authority of Singapore (MAS), ICE’s Singapore exchange and clearing house expects to trade and clear the first tranche of contracts below:
Mini Brent futures
Mini Gasoil futures
Kilo Gold futures
Mini Onshore Renminbi futures
Mini Offshore Renminbi futures
These contracts reflect customer demand and complement ICE’s existing portfolio of financial and commodity benchmark contracts. ICE’s regional portfolio of energy, gold and FX contracts offer a range of hedging tools based on the diverse needs of market participants.
“ICE Futures Singapore will offer a range of global and regional products designed to meet the needs of market participants for efficient trading and clearing services in their local jurisdiction,” said Lucas Schmeddes, President & COO, ICE Futures Singapore and ICE Clear Singapore. “We are pleased to announce the November launch and would like to thank our clearing members and customers for their ongoing support and interest.”
In addition, ICE Trade Vault, LLC has submitted a foreign trade repository application to MAS, which will further support market participants’ compliance with regulatory reform in the region.
The establishment of ICE Futures Singapore and ICE Clear Singapore support an expanded customer base and the further development of derivatives markets in Asia. ICE has had a presence in Singapore since 2000 serving customers in the global energy markets. In recent years, Asia-based trading activity in ICE's benchmark commodity and interest rate products has been rising as the region assumes a greater role in global derivatives markets.
