Deutsche Boerse extends Asia reach with Indonesia agreement
SYDNEY Feb 25 (Reuters) - Two Deutsche Boerse -backed companies have signed agreements with Indonesia's top commodity exchange seeking to develop trading platforms, market surveillance and clearing, the companies said on Tuesday.
The agreements are the latest step by Germany's biggest exchange operator to grow its footprint in Asia.
Exchange operators from outside the region have tended either to acquire a local player or set up their own Asia bourse to compete with Chinese and Indonesian exchanges. ]
Germany-based Global Markets Exchange Group International LLP, in which Deutsche Boerse holds a stake, has signed a deal with Indonesia Commodity and Derivatives Exchange (ICDX) to explore opportunities to provide its exchange trading platform and market surveillance technology, the companies said in a joint press release.
ICDX has also signed an agreement with European Commodity Clearing, majority owned by European Energy Exchange, which is also part of Deutsche Boerse Group.
Deutsche Boerse has said that it wants to expand in Asia. Its European Energy Exchange unit, which offers European power, natural gas, coal and emissions trading products, bought a 52 percent stake in Singapore-based Cleartrade Exchange, which focuses on shipping products, in December last year.
Global bourses have been flooding into the region to tap the world's fastest growing base of consumers, and seeking to profit from a push to shift pricing benchmarks from the West.
ICDX's commodity contracts include gold, tin, crude palm oil futures as well as foreign currency contracts.
(Reporting by Melanie Burton; Editing by Michael Perry)