The European Energy Exchange (EEX), the leading Energy Exchange in Europe, and Cleartrade Exchange (CLTX), a Singaporean Futures Exchange founded in 2010, have joined forces to create a unique global offering in the commodities sector. The acquisition, completed in December 2013, has already resulted in a combined group with over 300 members and 10 major asset classes. The deal has been enthusiastically welcomed by members of both exchanges.
“In addition to growing our existing markets, it has always been our strategy to expand through diversification of our product portfolio and through the extension of our geographical reach,” says Peter Reitz, Chief Executive Officer of EEX. “The acquisition of CLTX is a perfect fit for our growth strategy. For the first time, we pursue our strategy through the acquisition of a new company. This is a significant milestone in the history of EEX and we are certain that CLTX is a very strong partner for the further growth of EEX Group.”
“This is a major development for our clients as they benefit from a significantly expanded choice of asset classes, and an extended choice of clearing supported by accelerated technology leadership,” says Richard Baker, CEO of CLTX. “Our team is looking forward to leveraging and being part of the resources and infrastructure of a large exchange group.”
EEX’s current product offering comprises energy and related products for power, natural gas, emission allowances and coal, while CLTX offers products such as freight, iron ore, fuel oil and fertilizer. Based in Singapore, CLTX is rooted in the Asian Market and has gained significant traction and volumes since its launch.
Together, EEX and CLTX will now focus on delivering their combined expertise and services to a broader global member base.