China-backed bourse gets nod as Singapore's third futures exchange

Cyclists ride along the Marina Bay waterfront in Singapore, on Friday, Feb. 16, 2018. Photographer: Ore Huiying/Bloomberg

Singapore paved the way for a third derivatives exchange in the city, a month after Deutsche Boerse AG called quits on its ambition for a futures venue in the Asian nation.

Asia Pacific Exchange Pte, backed by Chinese investors, has received licenses from the Monetary Authority of Singapore to operate a derivatives exchange and clearinghouse, Chief Executive Officer Eugene Zhu said in an interview on Monday. Apex, which has more than 60 employees, is scheduled to open in May with refined palm oil contracts, he said. Intercontinental Exchange Inc. and Singapore Exchange Ltd. already run derivatives bourses in the city.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter