LONDON (Bloomberg) - Deutsche Boerse is planning to open a derivatives exchange in Singapore next year, joining other market operators in expanding their Asian footprint.

Eurex Exchange Asia will start in the second quarter of 2016, Deutsche Boerse said Tuesday at an event for investors and analysts. The Frankfurt-based company said it applied for an exchange license with the Monetary Authority of Singapore last week.

The company's rival Intercontinental Exchange Inc. is already trying to open a Singapore futures market. It spent US$150 million on trading and clearing licenses in 2014. Although ICE has announced plans to start trading, it has delayed the open three times.

Deutsche Boerse said in January that it got approval "in principle" to open a Singapore clearinghouse.