The Saxons International Commodities Exchange (“SICE”) will provide standardized
exchange-traded products on a transparent pricing platform to traders, investment
professionals and commercial end-users in the European time zone. All transactions
will be made ona transparent USD-based pricing platform, ensuring the full advantages
of dollar financing and dollar clearing, and allowing currency hedging flexibility to
market participants. In terms of regulatory compliance and oversight, SICE is currently
appyling for a licence from the Securities and Futures Commission (“SFC”) of London.