Singapore and CBOT to set up commodity exchange
The Singapore Exchange and the Chicago Board of Trade (CBOT) will set up a joint commodity derivatives exchange in Singapore next year.
The Joint Asian Derivatives Exchange (Jade) will start trading by October 2006, the exchanges said. Singapore Exchange Derivatives Trading will initially operate the exchange.
The joint venture will also develop commodity contracts, which will be traded on Jade, with trades cleared by the Singapore Exchange, and hosted on the CBOT electronic trading platform.
The CBOT recently extended its telecommunications network in Singapore with a new point of presence, allowing Asian customers to connect directly to the CBOT, and received approval from the Singapore authorities to act as a recognised market operator.
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