CHINA opposes plans by the Singapore platform of Intercontinental Exchange Inc. (ICE) to launch cotton and white sugar futures that use prices on Chinese exchanges as references, a spokesman of the China Securities Regulatory Commission (CSRC) said Friday.

    The Zhengzhou Commodity Exchange has opposed the use of its settlement prices by ICE Futures Singapore for its China cotton and white sugar futures, the spokesman, Zhang Xiaojun, told a news conference.

    ICE’s move, without authorization by the Chinese side, violates China’s copyright, Zhang said.

    The commission also expressed concern to the Monetary Authority of Singapore about the launch, said Zhang. He did not say what legal action would be taken, if any.

    Atlanta-based ICE has pushed back the launch of its Singapore platform to the middle of the year from this month, with the Financial Times newspaper reporting the delay was due to a threat of legal action by a Chinese exchange.

    The Zhengzhou exchange sent ICE a “cease and desist” letter in December, demanding that the U.S. group halt its plans to launch cotton and sugar futures similar to those already traded on the Chinese bourse, the Financial Times said Tuesday.

    Last December, ICE announced a plan to launch the cotton and white sugar futures contracts this month, along with those for gold, “mini-Brent” crude oil and the yuan.

    The plan followed its purchase of the Singapore Mercantile Exchange last year for US$150 million in a bid to gain a foothold in trading and clearing in Asia.

    “We are now looking to launch ICE Futures Singapore in mid-2015,” said Claire Miller, spokeswoman for ICE. (SD-Agencies)