Intercontinental Exchange (ICE), the leading global network of exchanges and clearing houses, has appointed East Coast GRC MP Lee Yi Shyan as chairman of ICE Futures Singapore and ICE Clear Singapore.

The appointment took effect on Nov 24.

ICE has had a presence in Singapore since 2000, starting out serving customers in the energy markets. In recent years, it has noted an increase in Asia-based trading activity in its benchmark commodity and interest rate products, as the region assumes a greater role in global derivatives markets.

"Mr Lee Yi Shyan (has)... a wealth of experience... that brings valuable insights to growing our business," said Mr Lucas Schmeddes, president and chief operating officer of ICE Futures Singapore and ICE Clear Singapore.

Mr Lee was formerly Senior Minister of State in the National Development as well as Trade and Industry ministries. Before entering politics, he held senior positions in public service, including chief executive of trade agency International Enterprise Singapore.

Mr Lee said he is "honoured" to join ICE's expanding operations in Singapore, adding: "ICE Futures Singapore and ICE Clear Singapore play an instrumental role in providing global market access to many energy, commodity and equity producers and traders for greater price transparency, predictability and stability."