(Aug 24): Asia Pacific Exchange, has received in-principle approval from the Monetary Authority of Singapore to start a third derivatives exchange in the city, according to people with knowledge of the matter.

Apex is now working on getting final approval from the city’s regulator, according to the people, who asked not be identified because the information is confidential. The company, which has about 40 staff, plans to open its exchange with refined palm oil contracts, the people said. The commodity will be priced in dollars and physical delivery will be in Malaysia and Indonesia.

Apex would be a new rival for Intercontinental Exchange Inc. and Singapore Exchange, who already operate in Southeast Asia’s biggest derivatives market. The firm, which changed its name from Asia Investment Pte on Aug. 17, has also been filling out its board, adding KKR Inc. senior adviser Lim Hwee Hua as a director, according to corporate filings. Lim was Singapore’s first female minister and second finance minister until 2011.

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