Singapore Mercantile Exchange Renaming Reflects Planned Transition to ICE Trading and Clearing Platforms
IntercontinentalExchange Group (NYSE:ICE), the leading global network of exchanges and clearing houses, today announced management appointments and the Board of Directors for its Singapore-based exchange and clearing house, subject to regulatory approval.
ICE also announced that the Singapore Mercantile Exchange and Singapore Mercantile Exchange Clearing Corporation will be renamed ICE Futures Singapore and ICE Clear Singapore in the coming week.
ICE Futures Singapore and ICE Clear Singapore will be headed by Lucas Schmeddes, as President and Chief Operating Officer. Schmeddes was previously Chief Operating Officer of ICE Endex in the Netherlands. Jennifer Ilkiw will be Vice President, ICE for the Asia Pacific region.
The following directors will serve on the boards of ICE Futures Singapore and ICE Clear Singapore: Jeffrey C. Sprecher, Chairman and CEO, ICE; David S. Goone, Chief Strategy Officer, ICE; Vijay Iyengar, Founder and Managing Director of Agrocorp International Pte Ltd; Tan Soo Nan, CEO, Singapore Pools (Private) Limited and Ang Swee Tian, former President of the Singapore Exchange Ltd.
The exchange and clearing house are expected to transition to the ICE trading and clearing platforms in the second half of 2014. As a result, a period of business transition is currently in place and the existing SMX market has been closed while ICE implements market and technology changes in consultation with market participants, clearing members and regulators.
ICE Futures Singapore and ICE Clear Singapore are based in Singapore and are wholly-owned subsidiaries of ICE, operating as separate regulated bodies.
