ICE buys Singapore Mercantile Exchange for $150m Atlanta-based commodities and derivatives trading company Intercontinental Exchange Group (ICE) said Tuesday it has bought the Singapore Mercantile Exchange (SMX) as it seeks to expand its footprint in Asia. The deal is reported to be valued at around $150m (£93m) and is the latest acquisition by the ICE after it completed the purchase last week of NYSE Euronext, which gave it control of Europe's second largest derivatives market, Liffe. SMX, which has an annual turnover of $71bn and average daily trading volumes 8,200 contracts, operates futures markets in Singapore across metals, currencies, energy and agricultural commodities. The Exchange retains licences to operate as both an approved exchange and approved clearing house, providing ICE with exchange and clearing infrastructure in Asia for the first time. The deal is expected to be finalised by the end of the year. "The acquisition of SMX represents an important step in ICE's growth trajectory as we look to expand our customer base and markets in Asia by establishing a local exchange and clearing presence," said David Goone, Chief Strategy Officer of ICE. In recent years, Asia-based trading activity in our benchmark energy and interest rate products has been rising as the region increases in importance in global market.