UK regulator OK with Singapore Exchange's takeover of London's Baltic Exchange
Shareholders gave the green light for the deal last month. The privately owned Baltic Exchange - one of London's oldest commercial institutions - said the FCA gave its regulatory approval on Oct. 13, clearing the way for the final stages of the deal.
"In light of the decision by the FCA, the court hearing to sanction the scheme, initially expected to be in late November 2016, has now been scheduled to take place on 7 November," the Baltic said in a statement.
SGX added separately on Wednesday that the transaction was expected to be completed by the end of November this year.
Founded in 1744 as a forum for chartering vessels, the Baltic Exchange now produces benchmark indexes for global shipping rates and owns a trading platform for the freight derivatives market. ■