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Tag: sgx

  • Ex-Credit Suisse Executive Joins Singapore Exchange

    Ex-Credit Suisse Executive Joins Singapore Exchange

    A former executive of Credit Suisse is said to be joining the Singapore Stock Exchange.

    William Gulya, Credit Suisse’s former head of Asia Pacific equity distribution, will join the Singapore Stock Exchange (SGX) Group to serve as the head of the Americas, according to a brief indication by him in a LinkedIn post on Wednesday.

    According to him, he left Credit Suisse on his own accord a couple of weeks ago and will join the exchange in mid-July. Gulya has also spent stints in senior positions at other banks, including executive director at JP Morgan and a director at Merill Lynch.

  • SGX Opens Offshore Office in India

    SGX Opens Offshore Office in India

    The office will kick-start SGX India Connect IFSC, a special purpose vehicle that will facilitate SGX’s upcoming connection with India’s National Stock Exchange (NSE).

    Singapore Exchange (SGX) has opened the SGX-International Financial Services Centre (IFSC) office in India’s Gujarat International Finance Tec-City (Gift City), according to a report on Friday.

    SGX will also be launching Gift Data Connect to provide SGX’s international members with access to real-time trading data of Nifty contracts via its derivatives trading platform and give investors unrivaled insights into India’s equity market.

    The upcoming NSE IFSC-SGX Connect aims to bring together the trading of Nifty products in Gift City and create a larger pool of liquidity comprising international and home market participants.

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  • DBS Stalwart Joins OCBC to Head Wholesale Banking

    DBS Stalwart Joins OCBC to Head Wholesale Banking

    A DBS veteran will take on a new key position at OCBC, which is part of the bank’s plans to grow and expand across its key markets.

    OCBC has appointed Tan Teck Long as group head of wholesale banking, according to a filing with Singapore Exchange (SGX) on Wednesday.

    Tan joins from DBS Bank, where he has been group chief risk officer since 2018. His previous roles at the bank, which he joined in 2003, include group head of corporate investment banking, China head of institutional banking group based in Shanghai and group head of real estate, building and construction industry.

    In his new role, Tan will have global responsibilities for global corporate banking, global commercial banking, global transaction banking, emerging business, global financial institutions, group investment banking and mezzanine capital unit, the announcement said.

  • SGX Directors to Retire

    SGX Directors to Retire

    Singapore Exchange (SGX), has announced personnel changes to its board of directors.

    Jane Diplock, non-executive non-independent director, will be retiring from the board by rotation at the end of the bourse’s 22nd Annual General Meeting on 7 October, SGX said in a filing on Tuesday.

    Diplock, 72, was also a member of SGX’s audit and risk management committees. She was appointed to her role in 2011.

    Also retiring from office on 7 October is non-executive non-independent director Ng Wai Keng, who is being considered for an appointment that requires him to address any potential conflict of interest. Ng, 54, was appointed to the position in 2018, and was also a member of SGX’s remuneration and staff development committee.

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  • SGX to Ease Rules for SPAC Listings

    SGX to Ease Rules for SPAC Listings

    Singapore Exchange is reportedly readying to issue easier rules for the listing of special purpose acquisition companies in the city-state.

    SGX is preparing to be the first major Asian bourse to accept SPAC listings, according to a Reuters report citing unnamed sources.

    The exchange’s regulatory arm is now considering easing a minimum S$300 million ($223.2 million) market value proposal for SPACs and a proposal that warrants cannot be detached from underlying shares.

    SGX is expected to introduce other measures to safeguard investor interests but would simplify proposed guidelines to maintain attractiveness for SPACs.

    The latest report of looser listings rules follows market feedback that some of SGX’s earlier proposals were too strict.

    Singapore is attempting to improve its profile as an IPO destination of choice while Southeast Asian startups have been listing in their home markets or the U.S.Funds raised at SGX fell to a six-year low of $239 million, according to Refiniv data, representing less than 3 percent of Southeast Asia’s total $8.4 billion.

    Within the region, Singapore ranked behind Malaysia, the Philippines, Indonesia, and Thailand in terms of funds raised.

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  • SGX Profits Fall on Higher Expenses

    SGX Profits Fall on Higher Expenses

    The bourse attributed its weaker performance to higher expenses increased and declining treasury income amid a low-interest rate environment.

    Singapore Exchange’s fiscal full-year net profit fell 6 percent year-on-year to S$445.4 million ($329.5 million), despite operating revenue growing by 0.3 percent to S$1.06 billion, according to financial statements released on Thursday.

    Operating revenue fell 6.8 percent year-on-year for the six months ending 30 June 2021 to S$535.1 million, with the decline coming from its equities segment, SGX said. Its net profit for this period totalled S$205.6 million, down 20.5 percent from S$258.6 million the previous year.

    FICC revenue, comprising Fixed Income as well as Currencies and Commodities – Derivatives revenues, increased 24 percent to S$211.8 million, or 20 percent of total revenue. Equities revenue, comprising Equities – Cash as well as Equities – Derivatives revenues, declined 8 percent to S$701.1 million, or 66 percent of total revenue.

    Data, Connectivity and Indices revenue increased 18 percent to S$143.1 million, or for 14 percent of total revenue.

    Scientific Beta and BidFX contributed 7 percent to the group’s total revenues in FY2021. Along with recently acquired FX trading platform MaxxTrader, total revenue contribution from SGX’s recently acquired subsidiaries would exceed 9 percent, SGX said.

    While the low-interest rate environment will continue to impact our treasury income, we believe it will also spur demand for our multi-asset offerings as investors seek enhanced returns, CEO Loh Boon Chye said.

    The Board of Directors proposed a final quarterly dividend of 8 cents per share, payable on 22 October 2021, which would bring total dividends in FY2021 to 32 cents per share, up from 30.5 cents in FY2020.

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  • SGX RegCo to Expand Enforcement Powers

    SGX RegCo to Expand Enforcement Powers

    The wholly-owned subsidiary of bourse operator Singapore Exchange (SGX) said on Thursday it will broaden its range of enforcement powers and require issuers to implement a whistleblowing policy.

    The move follows a public consultation, in which market participants had broadly supported the changes to listing rules, Singapore Exchange Regulation (SGX RegCo) said in an announcement.

    This will pave the way for swifter enforcement outcomes and reinforce confidence in Singapore’s capital markets, act as a greater deterrent against malfeasance, and enhance the protection of investors, SGX said.

    From 1 August 2021, SGX will be able to issue a public reprimand and require an issuer to comply with specified conditions, which are non-appealable.

    It will also be able to prohibit an issuer from accessing the facilities of the market for a specified period or until the fulfillment of specified conditions, prohibit any issuer from appointing or reappointing a director or an executive officer for up to 3 years, and require a director or an executive officer to resign.

    More severe sanctions, such as fines, will continue to be reserved for the independent Listings Disciplinary Committee

    SGX RegCo will require all issuers to establish and maintain a whistleblowing policy where the identity of the whistleblower is kept confidential and the individual is protected from reprisal.

    Issuers will be required to state in their annual reports that such a policy is in place for financial years commencing from 1 January 2021, as well as an explanation of how they have complied with key requirements such as independent oversight of the policy and commitment to the protection of the identity of the whistleblower.

  • SGX Restores Services After Outage

    SGX Restores Services After Outage

    The bourse’s web pages were discovered to be progressively inaccessible across different network providers from 4:30 p.m. SGT on Tuesday.

    Singapore Exchange’s website and web-based applications were restored on Tuesday night, following an outage that took place in the afternoon.

    Its case was a domain name system (DNS) issue, SGX said on Twitter, noting that it’s trading and clearing systems are separate from the website. It also said that there is no indication that its systems were compromised.

    While it did not affect trading, the outage limited access to SGX price information and SGX-listed company announcements.

    Several mainboard companies were due to release their financial results on Tuesday evening. Users were urged to visit their brokers’ websites or alternative sources during the outage.

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  • OCBC Appoints Independent Director

    OCBC Appoints Independent Director

    He previously spent more than two decades at the Monetary Authority of Singapore, and was deputy managing director, corporate development, when he left in 2019.

    OCBC has appointed Andrew Khoo Cheng Hoe as a non-executive and independent director, effective March 8, according to a filing with bourse SGX.

    He will serve as a member of the board audit committee as well as the ethics and conduct committee, the announcement said.

    Khoo, 57, is an adjunct professor at the NUS Business School. He is also a director at the National Environment Agency, as well as at Stroke Support Station.

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  • SGX Eyes More M&A for Growth

    SGX Eyes More M&A for Growth

    Singapore Exchange will look to scale up its operations by maintaining focus on mergers and acquisitions.

    SGX chief executive Loh Boon Chye said the city-state’s bourse will remain focused on mergers and acquisitions as a means of growth.

    It fully acquired foreign exchange trading platform BidFX after obtaining the remaining 80 percent stake in June last year. Earlier in 2020, it acquired a majority stake in index provider Scientific Beta.

    We are not stopping our M&A focus,» Loh said in a report. We have said we will bulk up and given that we are now a multi-asset exchange, one of the ways is to also scale up further. We will look at acquisitions.

    According to Loh, SGX is set to achieve the 2025 target of having 50 percent of its revenue generated by its fixed income, currencies and commodities segment, alongside data, connectivity and indices, earlier than expected.

    SGX continues to expand its product offering with plans to roll out infrastructure for carbon credit trading with select partners and the potential introduction this year of blank-check vehicles or SPACs (special purpose acquisition company), according to a separate report.

  • SGX Joint Venture to Launch Asian Bond Trading Platform

    SGX Joint Venture to Launch Asian Bond Trading Platform

    The XinTru joint venture with corporate bond trading platform provider Trumid and private equity firm Hillhouse Capital, will launch a new electronic bond trading platform later this year.

    This partnership combines Trumid’s cutting-edge technology and fixed income expertise, SGX’s deep experience in Asian financial market infrastructure and electronic trading, and Hillhouse’s expertise and network in Asia and the financial services sector», SGX said in a statement on Monday.

    The Trumid XT platform will connect liquidity from SGX’s Bond Pro and Trumid’s Market Center in the U.S. to provide a network for Asian fixed-income trading. This will enhance international access to Asian bond markets and facilitate Asian investor participation in U.S. and global emerging market credit, SGX said.

    XinTru’s independent management team includes chief revenue officer Ben Falloon who brings 20 years of Asia fixed income experience and relationships, and chief operating officer Mark Leahy, who has significant experience building and operating capital markets businesses in the region.

    SGX led a $53 million growth equity financing round in the New York-based startup in 2018, and subsequently joined Hillhouse Capital in another round of investment in 2019 when the firm took a minority stake in Trumid.

    Our early investment in Trumid paved the way for this deeper collaboration to advance the overall bond market infrastructure in Asia,” said SGX chief Loh Boon Chye.

    Trumid experienced exceptional growth in 2020, with trade volumes growing 374 percent year-on-year.

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  • Singapore Exchange Makes Sustainability Push

    Singapore Exchange Makes Sustainability Push

    Singapore Exchange (SGX) is growing its sustainability capabilities and initiatives with a $20 million ($15 million) plan. SGX is allocating half of the budget towards new ESG-focused products, services and platforms, while the other half will be used for capacity building for the financial ecosystem, strengthening internal capabilities and increasing CSR commitments, the bourse announced in a statement on Tuesday.

    We want to and can push the sustainability agenda further. As a market operator and regulator, we can influence and drive greater commitment to sustainability and greener financial markets, Loh Boon Chye, CEO of SGX, said.

    All sustainability initiatives, which span across asset classes including fixed income, equities, commodities and indices, will be housed under SGX FIRST (Future in Reshaping Sustainability Together) – a multi-partner, multi-asset exchange-led sustainability platform.

    The platform also aims to equip investors and issuers in this region with greater ESG knowledge and provide them with better access to a wider range of ESG-related information

    Given its role in regional capital and financial markets, SGX can help facilitate collaboration within the ecosystem to catalyze change, SGX said in the statement.

    For fixed income, SGX is currently working with Nasdaq on the Sustainable Bond Network Initiative. While it currently covers more than 4,500 bonds, largely from the U.S. and Europe, SGX plans to enhance data access and transparency of sustainable bonds in Asia Pacific by bringing regional issuers onto the network.

    In terms of equities, more ESG-focused investment and risk management products will be rolled out in the next three years.

    SGX has expanded its existing indexing partnership with FTSE Russell, Morningstar Sustainalytics and MSCI to provide ESG ratings on companies listed on SGX. Over 30 of the most recognizable SGX-listed companies are initially covered, with plans to expand coverage in 2021. SGX is also expected to launch four futures contracts in partnership with FTSE Russell in January 2021, based on the FTSE Emerging Markets, FTSE Asia ex-Japan, FTSE Emerging Markets Asia and FTSE Blossom Japan ESG-themed indices.

    New sustainability benchmarks and ESG-related indices will also be layered alongside existing flagship multi-factor indices offered by SGX, including Scientific Beta and Index Edge products.  Scientific Beta will develop new solutions for institutional investors in the next 12 month for responsible investing that aligns to Paris agreement climate change goals.

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  • SGX to Grow Connectivity With China’s Capital Markets

    SGX to Grow Connectivity With China’s Capital Markets

    The bourse has signed a memorandum of understanding with a Chinese wealth manager and asset manager GF Securities to expand its reach and services in Singapore and the region.

    As part of the MOU, which was announced at the 11th Singapore-Guangdong Collaboration Council meeting, GF Securities will grow its distribution of SGX’s derivatives products, such as Chinese Renminbi futures, and facilitate access to SGX’s securities market.

    The firm will also raise awareness of multi-asset investment opportunities in both markets, in particular SGX-listed real estate investment trusts (REITs) and fixed income products, an announcement on Monday said.

    This collaboration with GF Securities paves the way for its clients to access the wide range of investment products and opportunities offered by SGX, thereby enhancing capital flows between China and Singapore, SGX chief executive Loh Boon Chye said about the collaboration.

    GF Securities, which has been participating in SGX’s over-the-counter bond trading platform, aims to increase its FX futures and commodity derivatives trading on SGX as well as promote the listing of fixed income products on the bourse.

    It said that its subsidiary, GF Securities (Hong Kong) Brokerage, plans to apply for SGX’s securities trading membership to offer its customers online brokerage services for SGX’s securities products.

    Stronger financial connectivity between China and Singapore not only enables Chinese enterprises and investors branching out overseas, but also introduces RMB assets to global investors, Sun Shuming, GF Securities chairman and general manager, said

  • SGX to Expand Equity Derivatives Shelf

    SGX to Expand Equity Derivatives Shelf

    The bourse is adding 13 Asia ex-Japan and emerging markets Asia regional and single country futures to its shelf of benchmark equity derivatives.

    The new futures are based on Net Total Return (NTR) and Price Return indices calculated by FTSE Russell, which has approximately $16 trillion in reported fund assets under management (AUM) tracking its benchmarks.

    SGX said the benchmarks of the new future, which cover Indonesia, Malaysia, Philippines, Taiwan, Thailand, and Vietnam, addresses customers’ «increasing demand for institutional-grade exchange solutions in Asia which offer superior operational and capital efficiency.»

    The new contracts are expected to be certified by the Commodity Futures Trading Commission (CFTC), enabling US investors to trade them directly from within the U.S.

    SGX currently has the largest and most liquid FTSE and MSCI equity index derivatives for Asian markets.

    Michael Syn, head of equities at SGX, said its collaboration with FTSE Russell is the «next step in further developing and advancing SGX’s Asia-access waterfront.»

    «We look forward to bringing investors even more asset-class opportunities within the pan-Asian capital structure, based on broad strategies, sectors, and themes,» Syn said.

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  • SGX to Offer Taiwan Index Futures

    SGX to Offer Taiwan Index Futures

    The bourse said this will help global investors to gain exposure to a broad representation of large and mid-cap Taiwan stocks, while meeting fund managers’ diversification objectives.

    Singapore Exchange (SGX) will launch a futures contract based on the FTSE Taiwan RIC Capped Index (FTSE Taiwan) on July 20, it announced on Wednesday.

    The index is broad-based and diversified, and covers nearly 80 percent of Taiwan’s listed companies by market capitalization, providing strong correlation with other major Taiwan benchmark indices, SGX said.

    Michael Syn, Head of Equities at SGX, said that the future contract aims to cater to the rising demand from U.S. and European investors for access and investment exposure to Taiwan.

    Taiwan is the seventh-largest economy in Asia and occupies a key position in the global industrial and technology value chain.

    SGX expects to receive certification from the Commodity Futures Trading Commission to offer the contract in the U.S. shortly after launch.

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