Shoosmiths advises on sale of majority shareholding in Cleartrade Exchange

Shoosmiths has advised Singapore-based Freight Investor Services on the strategic sale of a majority shareholding in Cleartrade Exchange (CLTX) to European Energy Exchange (EEX), a leading energy exchange in Europe and part of the Deutsche Börse Group.

Partner Ben Turner and associate Gareth Davies led the law firm’s transaction team.

CLTX is a regulated futures market, providing an electronic global marketplace for commodity futures and OTC cleared derivatives. It is regulated by the Monetary Authority of Singapore (MAS) and provides traders, brokers and hedge funds with an electronic order book and block trade facility, trade processing, reporting and straight-through processing to multiple clearing houses.

EEX develops, operates and connects secure, liquid and transparent markets for energy and related products on which power, natural gas, CO2 emission allowances, coal and guarantees of origin are traded. Clearing and settlement of all trading transactions are provided by the clearing house European Commodity Clearing.