21 November, 2013

Shearman & Sterling is advising IntercontinentalExchange Group, Inc. (ICE) in its agreement to acquire Singapore Mercantile Exchange (SMX) in an all-cash transaction. SMX operates futures markets in Singapore across metals, currencies, energy and agricultural commodities. The Exchange retains licenses to operate as both an approved exchange and approved clearing house, and will provide ICE, a global network of regulated exchanges and clearing houses, with further infrastructure in Asia. SMX is a wholly owned subsidiary of Financial Technologies (India) Ltd (FTIL).

The transaction is expected to close by the end of the 2013, subject to receipt of applicable regulatory approvals and satisfaction of closing conditions.

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