IntercontinentalExchange to launch 5 contracts at March opening of Singapore exchange

US exchange operator IntercontinentalExchange is launching five contracts when it starts its new exchange and clearing house in Singapore in March.

The one-kilo gold futures will be physically settled, with delivery in Singapore, while the other four - mini ICE Brent crude, Chinese Cotton no. 1, Chinese white sugar and Chinese renminbi - will be cash settled.

These complement ICE's current portfolio of benchmark contracts, including the Brent crude benchmark - the reference for about two thirds of oil traded around the world - sugar no. 11 (raw sugar), white sugar, cotton no. 2 and mini-gold futures.

ICE bought the Singapore Mercantile Exchange for US$150 million in November 2013, and had said last month that it would start trading operations in March 17 next year.

This comes as competition for the nascent derivatives market in Asia gains pace, with Deutsche Borse also planning to open a clearing house in Singapore next year.