Apex gets MAS in-principle nod for third derivatives exchange: sources

Singapore

ASIA-PACIFIC Exchange (Apex) has received in-principle approval from the Monetary Authority of Singapore (MAS) to start a third derivatives exchange in the city, according to people with knowledge of the matter.

Apex is now working on getting final approval from the city's regulator, according to the people, who asked not to be identified because the information is confidential. The company, which has about 40 staff, plans to open its exchange with refined palm oil contracts, the people said. The commodity will be priced in dollars and physical delivery will be in Malaysia and Indonesia.