Apex to launch Singapore's 3rd derivatives exchange
ASIA Pacific Exchange Pte (Apex) has received approval from the Monetary Authority of Singapore (MAS) to start a third derivatives exchange as well as a clearing house in the city-state.
Apex, which changed its name from Asia Investment Pte on Aug 17 last year, plans to launch trading in the second quarter of 2018, with US dollar-denominated physically-delivered palm olein futures as its first contract.
It intends to also offer futures and options contracts covering both commodity and financial derivatives products, including agriculture, energy, petrochemical, metal, interest rates and stock indices.
"Apex's vision is to establish itself as an exchange that will be the Asian centre for price benchmarks to be referenced by global market participants," said Eugene Zhu Yuchen, founder and chief executive officer of Apex.
Mr Zhu was a former chief executive officer of the Dalian Commodity Exchange and president of the China Financial Futures Exchange. He is also Apex's major shareholder. Its other shareholders include Chaos Investment Ltd, a hedge fund and futures brokerage with offices in Shanghai and Hong Kong. Lim Hwee Hua, who was formerly a Singapore minister in the Prime Minister's Office and the second minister for Finance and Transport, chairs Apex's board.
Apex will be Singapore's third derivatives exchange after Singapore Exchange Ltd and Intercontinental Exchange.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Foxconn’s musical chairs sound like punk rock
AI fuels cloud computing boom for tech giants
AMD slides after AI chip forecast misses lofty estimates
IBM wins reversal of US$1.6 billion poaching award to BMC
Binance founder Zhao Changpeng gets 4 months in prison
Singapore Airlines could post highest-ever earnings of about S$2.7 billion for FY2024, says analyst