IntercontinentalExchange Group, Inc. (ICE), the leading global network of exchanges and clearing houses, has announced a definitive agreement to acquire
Singapore Mercantile Exchange (SMX) in an all-cash transaction. The acquisition will enable ICE to expand into the Asian markets.
Under the terms of the agreement, ICE will acquire 100 percent of
Singapore Mercantile Exchange (SMX), including the SMX Clearing Corporation (SMXCC), a wholly owned subsidiary of SMX and the clearing house for all SMX trades. The transaction is expected to close by the end of 2013, subject to applicable regulatory approvals and closing conditions.
SMX operates futures markets in
Singapore across metals, currencies, energy and agricultural commodities. SMX will continue to be based in
Singapore and operate as a separate recognized body with its own independent board of directors.