Singapore Exchange wins race to take over Baltic Exchange

Singapore Exchange wins race to take over Baltic Exchange

The Singapore Exchange (SGX) has won the race to take over the Baltic Exchange, Splash can reveal, beating out rival bids from the London Metal Exchange and China Merchants in the process.

An official announcement from the London institution is due out due out soon, Splash understands.

The sale of the Baltic Exchange has been on the cards for many months now with many interested parties.

The Baltic, whose history dates back 272 years, is owned by its bulk shipping industry members and has overseas offices in Singapore, Shanghai and Athens.

For SGX, which has seen derivatives trading become enormously popular, the acquisition would be a huge coup. Its last attempt to buy an overseas exchange, the ASX in Australia, failed in 2011.

 

UPDATE: Baltic Exchange tries to assuage members’ fears on SGX takeover

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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