Third derivatives exchange may open in Singapore

Shanghai

SINGAPORE may be set to get a third derivatives exchange, this time backed by China. If the new bourse, which would be called Apex, goes ahead, it would be operated by Asia Investment Pte Ltd, according to people with knowledge of the matter.

Asia Investment is majority-owned by former China Financial Futures Exchange and Dalian Commodity Exchange chief Eugene Zhu Yuchen, with a minor stake held by the firm of hedge fund manager Ge Weidong, according to corporate records in the city-state.

Apex would be a potential challenger to Intercontinental Exchange Inc (ICE) and Singapore Exchange (SGX), which already operate bourses in the city.

A Chinese-backed offshore exchange would dovetail with Beijing's drive to raise the country's status in global financial markets and bols…