SINGAPORE Feb 25 IntercontinentalExchange Group
said on Tuesday it has cancelled all contracts listed on
the Singapore Mercantile Exchange (SMX), a bourse it earlier
acquired for $150 million and expects to relaunch later in 2014.
The delisted contracts range from iron ore to pepper and
metals and currencies, which SMX offered before ICE bought it in
a deal that gives it a foothold in trading and clearing in
"ICE has delisted SMX contracts and a period of business
transition is currently in place in order for ICE to implement
technology changes in consultation with the market and
regulator," the Atlanta-based exchange said in a statement.
"New product opportunities include the potential for a
variety of new cleared contracts to serve the Asian commodity
and financial derivatives markets."
ICE, whose product suite include the Brent crude oil
benchmark, completed the acquisition of SMX this month, adding
to its network of markets and clearing houses in the United
States, Canada, Brazil, the UK and continental Europe.
Chief Executive Jeff Sprecher said in November that ICE was
not interested in SMX's business, but in the infrastructure it
gives ICE to tap into the Asian market.
Asia has long been the fastest growing demand region for the
raw materials that power economic growth, but has mostly priced
the purchases against benchmarks like Brent crude, London Metal
Exchange copper or New York cotton.
Many other global exchange are increasing their presence in
the region, banking on greater volumes of trade.
Earlier on Tuesday, two Deutsche Boerse-backed
companies said they have signed agreements with Indonesia's top
commodity exchange seeking to develop trading platforms, market
surveillance and clearing.