ICE Clear Singapore gets recognition as third-country CCP under EMIR

Intercontinental Exchange Inc (NYSE:ICE), the international network of exchanges and clearing houses, announced today that ICE Clear Singapore has received recognition as a third-country central counterparty (CCP) in accordance with the European Market Infrastructure Regulation (EMIR).

ICE Clear Singapore, which is regulated by the Monetary Authority of Singapore, has been added to the European Securities and Markets Authority (ESMA) list of recognised third-country CCPs under EMIR. The regulatory decision follows the European Commission’s assessment of Singapore as an equivalent third country regime in October 2014.

“The EMIR recognition by the European Securities and Markets Authority (ESMA) allows ICE Clear Singapore to provide clearing services to European firms. This is a significant milestone,” said Lucas Schmeddes, President & COO, ICE Futures Singapore and ICE Clear Singapore. “We continue to work with market participants as we prepare for our launch on November 17.”

Last month, ICE said that that ICE Futures Singapore and ICE Clear Singapore plan to launch with five new contracts on November 17, 2015. The lineup of new instruments includes Mini Brent futures; Mini Gasoil futures, Kilo Gold futures, Mini Onshore Renminbi futures, and Mini Offshore Renminbi futures. Earlier this year – in June, ICE announced the names of the first three clearing members of the new entities.

To view the official press release about ICE Clear Singapore recognition, click here.

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