LONDON New York-based commodities broker INTL FCStone Inc. has bought out electronic trading platform Cleartrade Exchange (CLTX), the trader said May 14.
INTL FCStone has acquired immediate voting control of CLTX and the right to acquire 90 percent of the equity interest over a five-year period.
Singapore-based CLTX was founded in February 2010 and began operations in March 2011, when it received its regulatory license. CLTX has more than 30 trading members, offering 43 commodity contracts, electronic connections to LCH.Clearnet, the Singapore Exchange and NOS Clearing, and price distribution via desktop and mobile phone.
INTL FCStone provides execution and advisory services in commodities, currencies and international securities.
A version of this article was first published by AMM sister publication Steel First.