ICE Clear Singapore has signed up its first three clearing members and a custodian bank as it attempts to grow its Asian business.
The first members to be approved are KGI Ong Capital, Phillip Futures and UOB Bullion and Futures, while appointing Citibank as its local custodian for the clearing house.
All three said there was growing demand among Asian investors to diversify their investments and to access Intercontinental Exchange (ICE) products.
ICE was set to launch its Singapore-based exchange and clearing house in March this year, following it acquisition of the Singapore Mercantile Exchange in 2014. However, according to reports it has now delayed the launch of both the exchange and clearing house until the end of the year.
It was the first Western exchange group to attempt to build a physical presence in the region, though others including Deutsche Boerse, London Stock Exchange and CME Group have also put a heavy focus on expanding their Asia Pacific operations.
Lucal Schmeddes, president and COO of ICE Futures Singapore and ICE Clear Singapore, said: “We continue to see strong interest from market participants and we are working with them through the onboarding process. We will continue to update the market on our progress in regards to member and customer preparations and launch details.”