UPDATE 2-ICE nears Singapore launch as profit tops views

(Adds details on ICE's Singapore exchange launch, CEO comments)
By John McCrank
Aug 5 (Reuters) - Intercontinental Exchange Inc ICE.N
reported a higher-than-expected quarterly profit on Wednesday,
helped by increased market data and listing revenue, and said it
plans to launch its Singapore futures exchange and clearing
house in the fourth quarter.
ICE, which began as an energy exchange in 2000 and has
expanded through acquisitions of companies including the New
York Board of Trade and the New York Stock Exchange, said it
earned $283 million, or $2.54 a share, in the second quarter,
compared with $226 million, or $1.95 a share, a year earlier.
ICE has trading and clearing operations in the United
States, Canada, the United Kingdom and Continental Europe, and
said Asia is a big focus going forward.
The Atlanta-based company said in late 2013 it would buy the
Singapore Mercantile Exchange as its regional trading and
clearing hub. It planned to relaunch the exchange as ICE Futures
Singapore and ICE Clear Singapore in March of this year. But
opposition by China to ICE's plan to use Chinese prices as
references for its cotton and white sugar futures led to delays.

ICE's customers have also taken longer than expected to
connect to the new platform, prompting further delays, ICE Chief
Executive Officer Jeffrey Sprecher said on a call with analysts.
"We've done all the work that we've needed to do, put the
staff in place, the systems in place and are basically ready to
go," he said, regarding the fourth-quarter launch.
ICE has said it will begin trading contracts in 1 kilo (2.2
lb) gold futures, mini Brent crude futures and renminbi futures
in Singapore. It plans to add other contracts later as demand
for energy and commodities increases in the region.
ICE has an office in China, but Sprecher said state controls
on the financial services industry in that country make it
difficult for foreign firms to become established there.
"I understand why that is and don't begrudge their
government for wanting to have controls over that as they move
their population into the middle class," he said.
"In any event, long story short, this Singapore launch for
us is strategic and important."
Excluding acquisition-related expenses and other one-time
items, profit at ICE in the quarter was $2.90 a share, topping
the analysts' average estimate by 13 cents, according to Thomson
Reuters I/B/E/S.
Revenue rose 6 percent to $797 million, helped by
contributions across ICE's commodities, cash equities, data
services and listings businesses, Sprecher said.