Intercontinental Exchange Group to acquire SMX for $150m

SMX will still be based in Singapore.

In a release, Singapore Mercantile Exchange (SMX) announced that its holding company, Financial Technologies Singapore Pte Ltd, has entered into a definitive agreement with Intercontinental Exchange Group, Inc to sell 100% equity ownership in SMX and its wholly owned subsidiary Singapore Mercantile Exchange Clearing Corporation Pte Ltd (SMXCC). The transaction is subject to customary closing conditions and regulatory approvals.

As announced by ICE, upon completion of the acquisition, SMX will continue to be based in Singapore and operate as a separate recognised body with its own independent board of directors, and ICE will evaluate the product and clearing strategy of SMX to ensure the offering best meets market participants’ needs in the region.

SMX members will benefit from ICE’s world class technology and trading platform capabilities, as well as its established capabilities in product innovation. ICE’s broad clearing expertise and experience will also bring additional operational, risk management and technological benefits for SMX’s existing clearing operation.

According to Reuters' report, the acquisition is set at $150 million which is set to boost commodity futures tradings in Asia.

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