The FINANCIAL -- Intercontinental Exchange on September 27 announced that J.P. Morgan has been approved as a clearing member for ICE Clear Singapore, effective immediately.
“J.P. Morgan is pleased to expand our existing relationship with ICE as it continues to strengthen its presence in Asia. Our appointment as a clearing member for ICE Clear Singapore is also a clear statement of our commitment to this market, which maintains its position as a globally important financial center,” said David Martin, Managing Director, J.P. Morgan Securities Singapore.
“We are delighted to welcome J.P. Morgan as the fourth clearing member to ICE Clear Singapore,” said Lucas Schmeddes, President & COO, ICE Futures Singapore and ICE Clear Singapore. “We are seeing increased interest and trading activity and working closely with the regional market, we will continue to develop our offering to support the trading and risk management needs of customers.”
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, according to Intercontinental Exchange.
The first three clearing members of ICE Clear Singapore were KGI Ong Capital Pte Ltd, Phillip Futures Pte Ltd and UOB Bullion and Futures Ltd.
ICE Futures Singapore and ICE Clear Singapore operate under the oversight of the Monetary Authority of Singapore (MAS).