September 9, 2015 / 9:19 AM / 3 years ago

ICE to launch Singapore platform in Nov with 5 new contracts

MANILA, Sept 9 (Reuters) - Intercontinental Exchange will launch its Singapore platform on Nov. 17, with five new contracts, the bourse said on Wednesday.

The contracts are one-kilogramme gold futures and “mini-Brent” futures that ICE announced earlier as well as mini gasoil and mini onshore and offshore renminbi futures.

ICE’s mini-Brent contract will be for 100 barrels each, a tenth of the size of its Brent crude oil benchmark.

Atlanta-based ICE earlier planned to launch its Singapore platform in March. But China’s Zhengzhou Commodity Exchange complained against the use of its settlement prices as references for the cotton and white sugar futures contracts that ICE was initially looking to launch.

The five contracts it will introduce in November “reflect customer demand and complement ICE’s existing portfolio of financial and commodity benchmark contracts”, the bourse said in a statement.

ICE bought the Singapore Mercantile Exchange in 2014 for $150 million to gain a foothold in trading and clearing in Asia, adding to its network of markets and clearing houses in the United States, Canada, Brazil, Britain and continental Europe. (Reporting by Manolo Serapio Jr.; Editing by Himani Sarkar)

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