The FINANCIAL -- Intercontinental Exchange on November 18 announced the successful launch of trading and clearing for ICE Futures Singapore and ICE Clear Singapore on Tuesday, November 17, 2015.
Total volume of 8,847 contracts traded and cleared on November 17, across energy, gold and FX, according to Intercontinental Exchange.
ICE is the first international exchange group to establish local trading and clearing infrastructure in Singapore. The first set of ICE Futures Singapore contracts were based on market feedback and include mini Brent futures, mini gasoil futures, kilo gold futures, mini onshore renminbi futures and mini offshore renminbi futures. The contracts complement ICE’s existing portfolio of financial and commodity benchmark contracts offered in Europe and the U.S.
“With a range of contracts across energy, gold and FX, our Singapore exchange and clearing house provides market participants with effective tools for managing price risk locally,” said Lucas Schmeddes, President & COO, ICE Futures Singapore and ICE Clear Singapore. “We would like to thank customers and clearing members for their continued support and we look forward to working with the market to develop further contracts to support trading and clearing based on local regulatory requirements.”
The establishment of ICE Futures Singapore and ICE Clear Singapore supports an expanded customer base and the further development of the Asian derivatives markets. 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.
ICE Futures Singapore and ICE Clear Singapore operate under the oversight of the Monetary Authority of Singapore (MAS).