SGX submits non-binding bid to buy Baltic Exchange

SINGAPORE Exchange (SGX) has submitted a non-binding bid to buy The Baltic Exchange, the exchange revealed in an announcement.

The Baltic Exchange provides market information on the maritime market, used by shipbrokers, owners and operators, traders, financiers and charterers.

"SGX wishes to emphasise that as discussions are still preliminary, there is no certainty or assurance that the possible transaction will materialise or that any definitive or binding agreement will result from such discussions."

SGX was responding to a Reuters story, which revealed that other than London Metal Exchange, The Baltic Exchange has held discussions with other parties including CME Group, ICE, Platts and SGX on a potential deal.

The Reuters story said SGX's talks were not advanced, but a deal could help Singapore boost its role as a maritime hub and for SGX to strengthen its freight derivatives business.

SGX last traded at S$7.01 a share.