LONDON & SINGAPORE--(BUSINESS WIRE)--
IntercontinentalExchange Group (ICE), the leading global network of exchanges and clearing houses, today announced management appointments and the Board of Directors for its Singapore-based exchange and clearing house, subject to regulatory approval.
ICE also announced that the Singapore Mercantile Exchange and Singapore Mercantile Exchange Clearing Corporation will be renamed ICE Futures Singapore and ICE Clear Singapore in the coming week.
ICE Futures Singapore and ICE Clear Singapore will be headed by Lucas Schmeddes, as President and Chief Operating Officer. Schmeddes was previously Chief Operating Officer of ICE Endex in the Netherlands. Jennifer Ilkiw will be Vice President, ICE for the Asia Pacific region.
The following directors will serve on the boards of ICE Futures Singapore and ICE Clear Singapore: Jeffrey C. Sprecher, Chairman and CEO, ICE; David S. Goone, Chief Strategy Officer, ICE; Vijay Iyengar, Founder and Managing Director of Agrocorp International Pte Ltd; Tan Soo Nan, CEO, Singapore Pools (Private) Limited and Ang Swee Tian, former President of the Singapore Exchange Ltd.
The exchange and clearing house are expected to transition to the ICE trading and clearing platforms in the second half of 2014. As a result, a period of business transition is currently in place and the existing SMX market has been closed while ICE implements market and technology changes in consultation with market participants, clearing members and regulators.
ICE Futures Singapore and ICE Clear Singapore are based in Singapore and are wholly-owned subsidiaries of ICE, operating as separate regulated bodies.
Notes to Editors
Vijay Iyengar is the Founder and Managing Director of Agrocorp International Pte Ltd, a Singapore based International Commodity Trading and Distribution House with a footprint across the globe.
Armed with a management style of being open, accessible and inclusive, Mr Vijay has steered the company in less than two decades into a trading powerhouse in the Asia- Pacific region. The Company specializes in the physical trading of Agricultural Commodities such as Wheat, Rice, Pulses & Beans, Sugar, Cotton and Oil Seeds. The company today has an annual turnover of around USD1.5 billion and clients in India, Bangladesh, Pakistan, Sri Lanka, Indonesia, Vietnam, Malaysia, China, Philippines and various countries in the Middle East and Africa. Mr Vijay holds a B Tech (Chemical Engineering) from the prestigious Indian Institute of Technology (IIT - Mumbai) and an MBA from Cornell University.
Tan Soo Nan
Mr Tan Soo Nan is the Chief Executive Officer of Singapore Pools (Private) Limited, a wholly owned subsidiary of Singapore Totalisator Board. He is the Chairman of the Asia-Pacific Lottery Association (“APLA”) and a member of the Executive Committee of APLA and World Lottery Association. Mr Tan serves on the board of private and public listed companies including Raffles Medical Group Ltd, Singapore Mercantile Exchange Pte Ltd and Osim International Ltd. He also sits on several not for profit committees including holding the post of Vice-President of the Football Association of Singapore. Mr Tan was formerly the Chief Executive of Singapore Totalisator Board, Chief Executive Officer of Temasek Capital (Private) Limited and Senior Managing Director of DBS Bank and had over 29 years of experience in the banking industry.
Ang Swee Tian
Mr Ang Swee Tian is the Non-Executive Chairman of Singapore Mercantile Exchange Pte Ltd and an Independent, Non-Executive Director of two public listed companies, Cosco Corporation (Singapore) Limited and China Aviation Oil (Singapore) Corporation Limited. Mr Ang was the President of the Singapore Exchange Ltd (“SGX”) from 1999 to 2005 during which he played an active role in successfully promoting SGX as a preferred listing and capital raising venue for Chinese enterprises. Mr Ang also played a pivotal role in establishing Asia’s first financial futures exchange, the Singapore International Monetary Exchange (“SIMEX”) in Singapore in 1984 and was instrumental to establishing SGX AsiaClear which started offering OTC clearing facility in 2006. Following his retirement in January 2006, Mr Ang took on a new role as Senior Adviser to SGX until December 2007. In March 2007, Mr Ang became the first person from an Asian Exchange to be inducted into the Futures Industry Association’s Futures Hall of Fame, which was established to honour and recognise outstanding individuals for their contributions to the futures and options industry. Mr Ang graduated from Nanyang University of Singapore with a First-Class Honours Degree in Accountancy in 1970. He was conferred a Master Degree in Business Administration with distinction by the Northwestern University in 1973.
About IntercontinentalExchange Group
IntercontinentalExchange Group (ICE) is the leading network of regulated exchanges and clearing houses for financial and commodity markets. ICE delivers transparent, reliable and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.
Trademarks of ICE and/or its affiliates include IntercontinentalExchange, ICE, ICE block design, NYSE Euronext, NYSE, New York Stock Exchange, LIFFE and Euronext. Information regarding additional trademarks and intellectual property rights of IntercontinentalExchange Group, Inc. and/or its affiliates is located at https://www.theice.com/terms.jhtml and http://www.nyx.com/terms-use.
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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, 2013, as filed with the SEC on February 14, 2014.
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