LONDON & SINGAPORE--(BUSINESS WIRE)--Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, today announced that ICE Futures Singapore has appointed Brink’s as the approved vault operator for the physically delivered ICE one-kilo Gold futures contract and that Metalor will provide assayer services.
The ICE One Kilo Gold futures contract will trade and clear at ICE Futures Singapore and ICE Clear Singapore, upon launch later this year. The underlying gold bars for physical delivery will be stored at Singapore vaults operated by Brink's, a global leader in security-related services. Metalor, a global refiner of precious metals, will provide assaying services that will support ICE’s gold bar inspection and certification processes.
In support of the ICE Gold futures contract, Brink’s Singapore will provide inventory management and secure vaulting services. Brink’s Singapore operates across three locations, with six secure vaults in Singapore.
Metalor Singapore is accredited by the London Bullion Markets Association (LBMA) and provides a range of refining services, from evaluation to bullion production, across South East Asia. The company will provide comprehensive assaying services to ICE Futures Singapore for underlying gold bars in the event of any discrepancies.
“Brink’s has been working closely with bullion banks, gold traders and retailers across Asia for many years; and with Singapore developing as a precious metals hub, Brink’s is pleased to leverage its expertise and provide its services in secure vaulting and storage to ICE Futures Singapore,” said Baskaran Narayanan, Country General Manager, Brink's Singapore.
Mr. Teo Eng Cheong, Chief Executive Officer of International Enterprise (IE) Singapore, the Singapore government’s trade development agency, said: “IE Singapore aims to develop Singapore as a trading hub for precious metals. Recent developments, such as the exemption of GST on investment precious metals and Metalor setting up a gold refinery in Singapore, have enhanced Singapore’s ecosystem for precious metals trading. The new ICE Singapore Gold futures contract will further strengthen Singapore as an efficient and transparent market for gold trading and presents yet another milestone in our journey towards a gold hub.”
“Singapore has long been an important regional trading hub for commodities. We are therefore pleased to offer a physically delivered gold futures contract with the planned launch of the exchange and clearing house later this year and to confirm the vault storage and assayer services of Brink’s and Metalor, respectively,” said Ang Swee Tian, Chairman, ICE Futures Singapore and ICE Clear Singapore.
The establishment of ICE Futures Singapore and ICE Clear Singapore will support an expanded customer base and the further development of the derivatives markets in Asia with a local exchange and clearing presence. ICE has had a presence in Singapore since 2000 serving customers in the global energy markets. In recent years, Asia-based trading activity in our benchmark commodity and interest rate products has been rising as the region assumes a greater role in global derivatives markets.
About Intercontinental Exchange
Intercontinental Exchange (NYSE:ICE) operates the leading network of regulated exchanges and clearing houses. ICE’s futures exchanges and clearing houses serve global commodity and financial markets, providing risk management and capital efficiency. The New York Stock Exchange is the world leader in capital raising and equities trading.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC on February 5, 2015.
SOURCE: Intercontinental Exchange
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