The UK’s Financial Conduct Authority (FCA) has approved Singapore Exchange’s (SGX) takeover of the Baltic Exchange, it has been confirmed.

The Baltic Exchange said the FCA gave its regulatory approval on 13 October 2016, clearing the way for the final stages of the deal.

“In light of the decision by the FCA, the court hearing to sanction the scheme, initially expected to be in late November 2016, has now been scheduled to take place on 7 November,” the Baltic said in a statement.

Separately,