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Derivatives exchange Apex to start trading in Singapore on May 25

Mining News - Published on Tue, 22 May 2018

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The Straits Times reported that Chinese backed Asia Pacific Exchange will start trading in Singapore on May 25, the latest foray into overseas trading venues by mainland investors. Apex will offer palm olein futures that will be dollar-denominated and physically delivered. The bourse will be the third derivatives exchange in the city state, joining venues owned by the Singapore Exchange and Intercontinental Exchange.

China has seen several outbound investments in trading venues as part of its efforts to integrate into the global financial system, with deals for stakes in markets in Bangladesh and Pakistan, and a joint venture with Deutsche Boerse in Frankfurt.

While those efforts have the backing of one or more mainland exchange, Apex is privately funded and led by industry veteran Mr Eugene Zhu, its founder and chief executive officer. He previously ran the Dalian Commodity Exchange and the China Financial Futures Exchange.

Mr Zhu said in the statement that "As global trading in commodities and financial instruments gravitates towards the region, I am optimistic that our first listed palm olein physically deliverable futures contract denominated in dollars will meet the demands in the current market and has the potential to become the Asian pricing benchmark for palm oil." He is himself a major investor in Apex, which has more than 60 employees.

A unit of CEFC China Energy, the troubled energy giant, holds a 20 % stake in Apex, according to corporate filings.

Hong Kong Xinhu Investment and Shanghai Chaos Investment also have stakes.

Ms Lim Hwee Hua, a KKR senior adviser who was Singapore's first female minister, is Apex's chairman.

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Posted By : Rabi Wangkhem on Tue, 22 May 2018
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