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ICE closes on Singapore Mercantile Exchange deal
by The Associated Press
February 04, 2014 10:38 AM | 1257 views | 0 0 comments | 9 9 recommendations | email to a friend | print
Sandy Springs-based IntercontinentalExchange Inc. has completed its acquisition of the Singapore Mercantile Exchange after receiving regulatory approval from the Monetary Authority of Singapore.

The deal gives ICE its first access to Asia’s exchange and clearing infrastructure. The transaction was first announced in November. The price was not disclosed.

The Singapore Mercantile Exchange, including SMX Clearing Corp., will remain based in Singapore and run separately with its own independent board of directors. The exchange and clearing house will transition from existing technology to the ICE trading and clearing platforms in due course.

ICE said Monday it anticipates making some technology changes. It also said it will consult with market participants, clearing members and regulators, and will evaluate the product and clearing strategy of the Singapore Mercantile Exchange to ensure the offering meets market participants’ needs in the region.

In November ICE closed on an $8.2 billion deal that included the New York Stock Exchange.

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