|
remove trading hours per WP:NOTDIR
|
Rescued 1 archive link; reformat 1 link. Wayback Medic 2.5 per WP:URLREQ#webcitation.org
|
||
| (34 intermediate revisions by 23 users not shown) | |||
| Line 1: | Line 1: | ||
{{Short description|Investment holding company in Singapore}} |
{{Short description|Investment holding company in Singapore}} |
||
{{Use |
{{Use Singapore English|date=July 2023}} |
||
{{Use dmy dates|date=May 2020}} |
{{Use dmy dates|date=May 2020}} |
||
{{Infobox exchange |
{{Infobox exchange |
||
| Line 6: | Line 6: | ||
|alt_name = |
|alt_name = |
||
|logo = [[File:SGX gradient logo (PNG).png|200px]] |
|logo = [[File:SGX gradient logo (PNG).png|200px]] |
||
|image = [[File:SGX Centre, Singapore - 20121015.jpg|220px]]<br />{{center| |
|image = [[File:SGX Centre, Singapore - 20121015.jpg|220px]]<br />{{center|SGX Centre 1}} |
||
|type = [[Stock exchange]] |
|type = [[Stock exchange]] |
||
|city = [[SGX Centre]] |
|city = [[SGX Centre]] |
||
|country = [[Singapore]] |
|country = [[Singapore]] |
||
|coor = |
|coor = {{coord|1.279042|103.849750}} |
||
|foundation = {{start date and age|df=yes|1999|12|01}} |
|foundation = {{start date and age|df=yes|1999|12|01}} |
||
|owner = |
|owner = |
||
|key_people = Koh Boon Hwee ([[Chairman]])<ref>{{cite web | url= |
|key_people = Koh Boon Hwee ([[Chairman]])<ref>{{cite web | url=https://www.sgxgroup.com/leadership/board-directors#Mr%20Koh%20Boon%20Hwee | title=SGX Group's Board of Directors | access-date=20 April 2023}}</ref> <br /> Loh Boon Chye ([[CEO]])<ref>{{cite web|title=SGX appoints Loh Boon Chye as new CEO|url=http://www.channelnewsasia.com/news/singapore/sgx-appoints-loh-boon/1900648.html|publisher=[[MediaCorp Channel NewsAsia|Channel NewsAsia]]|access-date=9 June 2015}}</ref> |
||
|currency = [[Singapore dollar]] & [[US dollar]]<ref name="dual" /> |
|currency = [[Singapore dollar]] & [[US dollar]]<ref name="dual" /> |
||
|commodity = |
|commodity = |
||
| Line 19: | Line 19: | ||
|mcap = SGD$9.87 billion<ref>{{cite web|url=https://www.google.com/finance/quote/S68:SGX|title=Singapore Exchange Limited}}</ref> |
|mcap = SGD$9.87 billion<ref>{{cite web|url=https://www.google.com/finance/quote/S68:SGX|title=Singapore Exchange Limited}}</ref> |
||
|indexes = |
|indexes = |
||
|homepage = |
|homepage = {{official URL}} |
||
|footnotes = |
|footnotes = |
||
}}{{Infobox company |
}} |
||
{{Infobox company |
|||
| name = Singapore Exchange Limited |
| name = Singapore Exchange Limited |
||
| traded_as = {{SGX|S68}} |
| traded_as = {{SGX|S68}} |
||
| website = {{url| |
| website = {{url|www.sgxgroup.com}} |
||
}} |
}} |
||
|
'''Singapore Exchange Limited''' ('''SGX Group''') is a [[Singapore]]-based exchange conglomerate, operating [[Equity (finance)|equity]], [[fixed income]], [[currency]] and [[commodity]] markets. It provides a range of listing, trading, clearing, settlement, depository and data services.<ref>{{Cite web |title=About SGX Group - SGX Group |url=https://www.sgxgroup.com/about |access-date=2023-04-20 |website=www.sgxgroup.com |language=en}}</ref> SGX Group is also a member of the [[World Federation of Exchanges]]<ref name="World Federation of Exchanges">{{Citation |publisher=WFE |title=Singapore Exchange |url=http://www.world-exchanges.org/member-exchanges/member-exchanges/singapore-exchange |archive-url=https://web.archive.org/web/20110717174536/http://www.world-exchanges.org/member-exchanges/member-exchanges/singapore-exchange |archive-date=17 July 2011 |access-date=21 September 2010 |url-status=live }}</ref> and the [[Asian and Oceanian Stock Exchanges Federation]].<ref name="SGX invests 250 million">{{Citation |title=SGX invests $250 million to offer fastest access to Asia |url=http://www.world-exchanges.org/news-views/news/sgx-invests-250-million-offer-fastest-access-asia |access-date=21 October 2010 |archive-url=https://web.archive.org/web/20110717174625/http://www.world-exchanges.org/news-views/news/sgx-invests-250-million-offer-fastest-access-asia |url-status=dead |publisher=[[World Federation of Exchanges|WFE]] |archive-date=17 July 2011}}</ref> it is [[ASEAN]]'s second largest market capitalization after [[Indonesia Stock Exchange]] at {{USD|585.97 billion|link=yes}} as of September 2023.<ref>{{cite web|url=https://www.ceicdata.com/en/indicator/singapore/market-capitalization|title=Singapore Market Capitalization}}</ref> |
||
== Structure == |
|||
SGX operates several different divisions, each responsible for handling specific businesses. |
|||
* SGX ETS (Electronic Trading System): provides global trading access to SGX markets where 80 percent of the customers are from outside Singapore.<ref>{{cite book | last = Tan | first = Chwee Huat | title = Singapore Financial and Business Sourcebook | publisher = Singapore University Press | year = 2002 | page = 140 | url = https://books.google.com/books?id=KV72O4mQ-WwC&pg=PA140 | isbn = 978-9971-69-256-8}}</ref> |
|||
* SGX DT (Derivatives Trading): provides derivatives trading.<ref name="SGX invests 250 million"/> |
|||
* SGX ST (Securities Trading): provides securities trading.<ref name="SGX-ST">{{Citation | publisher = emoney.co.ir | title = Exchange: Singapore Exchange Securities Trading Limited (SGX-ST) | url = http://www.emoney.co.ir/files/products/cfd_sgx.pdf | access-date=24 November 2010}}{{dead link|date=January 2013}}</ref> |
|||
* SGX DC (Derivatives Clearing): subsidiary for clearing and settlement operations.<ref name="SGX-DC">{{Cite book | last = Tan | first = Chwee Huat. | title = Financial markets and institutions in Singapore | publisher = Singapore University Press / NUS Publishing | edition = 11th |
|||
| year = 2005 | location = Singapore | page = 248 | url = https://books.google.com/books?id=lAChksdNj0MC&q=singapore+exchange+derivatives+clearing&pg=PA274 | isbn = 978-9971-69-314-5}}</ref> |
|||
* SGX AsiaClear: offers clearing services for over-the-counter (OTC) oil swaps and forward freight agreements.<ref name="About SGX AsiaClear">{{Citation | publisher = Singapore Exchange Ltd | title = About SGX AsiaClear | url = http://www.asiaclear.com.sg/about/aboutus.shtml | archive-url=https://web.archive.org/web/20090529105910/http://www.asiaclear.com.sg/about/aboutus.shtml | archive-date=29 May 2009 | access-date=12 October 2010}}</ref> |
|||
* SGX Reach: an electronic trading platform.<ref name="SGX invests 250 million"/> |
|||
* Central Depository Pte Ltd: subsidiary responsible for securities clearing, settlement and depository services.<ref name="SGX invests 250 million"/> |
|||
* Asian Gateway Investments Pte Ltd: wholly owned subsidiary |
|||
* Singapore Exchange IT Solutions Pte Ltd: provides computer services and maintenance as well as software maintenance<ref>{{Citation | title = The Asian Gateway Singapore Exchange Annual Report 2012 July 2011 – June 2012 | publisher = Singapore Exchange Ltd | series = Annual Report | year = 2012 | chapter = Investments in Subsidiaries | page = 122 | chapter-url = http://info.sgx.com/listprosp.nsf/6c6be9506be8679f482574e4002cb6b3/d09f33151072886048257a690025b278/$FILE/ATTBW58T.pdf/Singapore%20Exchange%20Annual%20Report%202012.pdf }}{{dead link|date=October 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> |
|||
== Listing == |
|||
The companies listed on SGX belong to one of two groups: the companies listed on the SGX Mainboard and the companies listed on SGX [[Nasdaq|NASDAQ]]. In order to be listed on the mainboard, a company has to fulfill some requirements set forth by SGX, while a listing on NASDAQ is not tied to the fulfillment of any additional conditions.<ref name="SGX invests 250 million"/> SESDAQ was replaced on 26 November 2007 by the SGX Catalist after an extensive study of other market models and a public consultation in May 2007.<ref name="auto">{{Cite web|url=http://www.mondaq.com/x/56908/Company+Formation/SGX+Unveils+Catalist+SponsorSupervised+Listing+Platform+For+Fast+Growing+Companies|title=SGX Unveils Catalyst, Sponsor-Supervised Listing Platform For Fast-Growing Companies – Corporate/Commercial Law – Singapore|website=www.mondaq.com|access-date=7 June 2018}}</ref> The word "Catalist" is an amalgamation of the words "Catalyst" and "List", to reflect the idea that the Catalist board could be used as a catalyst to propel growth upon listing.<ref name="auto"/> Catalist differs from SESDAQ primarily in its use of a sponsor system to determine a prospective company's suitability to list and as a corporate advisor to advise on listing and corporate governance issues.{{Citation needed|date=March 2023}} |
|||
== Trading system == |
|||
The exchange launched SGX QUEST (SGX Quotation and Execution System) in August 2004. The system is used by the exchange for derivatives and securities trading.<ref name="SGXadopts">{{Citation | publisher = ASIA PAC | title = Singapore Exchange adopts Financial Information eXchange Protocol to strengthen position in global financial markets | url = http://fixglobal.com/back_issues/Q4/ASIA%20PAC/Sing%20Ex%20adopts%20FIX.pdf | access-date=12 October 2010 | archive-url = https://web.archive.org/web/20081011050821/http://fixglobal.com/back_issues/Q4/ASIA%20PAC/Sing%20Ex%20adopts%20FIX.pdf | archive-date = 11 October 2008}}</ref> |
|||
== History == |
== History == |
||
SGX was formed on 1 December 1999 as a holding company. The share capital of some former exchange companies, namely [[Stock Exchange of Singapore]] (SES), [[Singapore International Monetary Exchange]] (SIMEX) that was founded in 1984 and Securities Clearing and Computer Services Pte Ltd (SCCS) were cancelled and new shares issued in these companies were fully paid up by SGX. In this way, all assets previously owned by these three companies were transferred to SGX. The shareholders previously holding shares in SES, SIMEX and SCCS received newly issued SGX shares.<ref name="SGX Demutualization">{{Citation | author = Shaw, A. | title = Singapore Stock Exchange — Demutualization and Listing of the Singapore Exchange Limited | url = http://www.adb.org/documents/books/demutualization_stock_exchanges/chapter_15.pdf | access-date=21 October 2010 | archive-url = https://web.archive.org/web/20041116145715/http://www.adb.org/Documents/Books/Demutualization_Stock_Exchanges/chapter_15.pdf | archive-date =16 November 2004}}</ref> |
|||
=== Formation of SGX === |
|||
SGX was formed on 1 December 1999 as a holding company. The share capital of some former exchange companies, namely [[Stock Exchange of Singapore]] (SES), [[Singapore International Monetary Exchange]] (SIMEX) that was founded in 1984 and [[Securities Clearing and Computer Services|Securities Clearing and Computer Services Pte Ltd]] (SCCS) was cancelled and new shares issued in these companies were fully paid up by SGX. In this way, all assets previously owned by these three companies were transferred to SGX. The shareholders previously holding shares in SES, SIMEX and SCCS received newly issued SGX shares.<ref name="SGX Demutualization">{{Citation | author = Shaw, A. | title = Singapore Stock Exchange — Demutualization and Listing of the Singapore Exchange Limited | url = http://www.adb.org/documents/books/demutualization_stock_exchanges/chapter_15.pdf | access-date=21 October 2010 | archive-url = https://web.archive.org/web/20041116145715/http://www.adb.org/Documents/Books/Demutualization_Stock_Exchanges/chapter_15.pdf | archive-date =16 November 2004}}</ref> |
|||
=== Third Listed Exchange in Asia-Pacific === |
|||
On 23 November 2000, SGX became the third exchange in Asia-Pacific to be listed via a public offer and a private placement after Australian Securities Exchange; which listed in 1998 and Hong Kong Stock Exchange earlier in 2000.<ref>{{cite web |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/today20001123-1.2.8.4 |title=Singapore Exchange shares expected to make shining debut |website=Today (retrieved from NLB) |date=23 November 2000 |access-date=2 October 2019}}</ref> Listed on its own bourse, the SGX stock is a component of benchmark indices such as the [[MSCI]] Singapore Free Index and the [[Straits Times Index]]. |
On 23 November 2000, SGX became the third exchange in Asia-Pacific to be listed via a public offer and a private placement after Australian Securities Exchange; which listed in 1998 and Hong Kong Stock Exchange earlier in 2000.<ref>{{cite web |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/today20001123-1.2.8.4 |title=Singapore Exchange shares expected to make shining debut |website=Today (retrieved from NLB) |date=23 November 2000 |access-date=2 October 2019}}</ref> Listed on its own bourse, the SGX stock is a component of benchmark indices such as the [[MSCI]] Singapore Free Index and the [[Straits Times Index]]. |
||
In May 2006, SGX launched Asia's first over-the-counter (OTC) clearing platform named SGX AsiaClear for a suite of OTC derivative products to reduce counter-party risks and increase liquidity. It introduced OTC trade registration and clearing for a wide range of forward freight agreements (FFA), and oil swaps. Shortly thereafter, it launched the world's first clearing and settlement of iron ore swaps and has since become the world's largest clearer of iron swaps.<ref>{{Cite web |date=2022-12-01 |title=Commodities exchange of the year: SGX Commodities |url=https://www.risk.net/node/7955360 |access-date=2023-04-21 |website=Risk.net |language=en}}</ref> |
|||
=== Joint Venture === |
|||
On 25 September 2006, the Joint Asian Derivatives Exchange (JADE), a joint venture between SGX and [[Chicago Board of Trade]] (CBOT) became operational.<ref name="JADE begins trade">{{Citation|publisher=CME Group |title=JADE Begins Trading With TSR 20 Rubber Futures Contract |url=http://cmegroup.mediaroom.com/index.php?s=43&item=464&pagetemplate=article |access-date=1 October 2010 |url-status=dead |archive-url=https://web.archive.org/web/20110714065322/http://cmegroup.mediaroom.com/index.php?s=43&item=464&pagetemplate=article |archive-date=14 July 2011 }}</ref> However, this joint venture was cancelled in November 2007, with CME Groups selling of its 50% stake in the joint venture to SGX. The contracts previously traded on JADE were transferred to SGX's QUEST trading platform.<ref name="SGX invests 250 million"/> |
|||
|
On 25 September 2006, the Joint Asian Derivatives Exchange (JADE), a joint venture between SGX and [[Chicago Board of Trade]] (CBOT) became operational.<ref name="JADE begins trade">{{Citation|publisher=CME Group |title=JADE Begins Trading With TSR 20 Rubber Futures Contract |url=http://cmegroup.mediaroom.com/index.php?s=43&item=464&pagetemplate=article |access-date=1 October 2010 |url-status=dead |archive-url=https://web.archive.org/web/20110714065322/http://cmegroup.mediaroom.com/index.php?s=43&item=464&pagetemplate=article |archive-date=14 July 2011 }}</ref> However, this joint venture was cancelled in November 2007, with CME Groups selling of its 50% stake in the joint venture to SGX. The contracts previously traded on JADE were transferredtoSGX's QUEST trading platform.<ref name="SGX invests 250 million" /> |
||
In March 2007, SGX bought a 5% stake in [[Bombay Stock Exchange]] for 42.7 million dollars.<ref name="BSE sells stake">{{Citation |last=Timmons |first=Heather |title=Bombay Stock Exchange sells 5% stake to Singapore Exchange |date=7 March 2007 |url=https://www.nytimes.com/2007/03/07/business/worldbusiness/07iht-exchange.4824769.html?_r=1 |work=The New York Times |access-date=1 October 2010 |archive-url=https://archive.today/20240526053026/https://www.webcitation.org/6AOgZqnKB?url=http://www.nytimes.com/2007/03/07/business/worldbusiness/07iht-exchange.4824769.html%3F_r=2 |url-status=dead |archive-date=26 May 2024}}</ref> |
|||
=== Acquisition === |
|||
In March 2007, SGX bought a 5% stake in [[Bombay Stock Exchange]] for 42.7 million dollars.<ref name="BSE sells stake">{{Citation |work=The New York Times |title=Bombay Stock Exchange sells 5% stake to Singapore Exchange |url=https://www.nytimes.com/2007/03/07/business/worldbusiness/07iht-exchange.4824769.html?_r=1 |access-date=1 October 2010 |first=Heather |last=Timmons |date=7 March 2007 |url-status=dead |archive-url=https://www.webcitation.org/6AOgZqnKB?url=http://www.nytimes.com/2007/03/07/business/worldbusiness/07iht-exchange.4824769.html?_r=2 |archive-date=3 September 2012 }}</ref> |
|||
On 15 June 2007, [[Tokyo Stock Exchange|Tokyo Stock Exchange, Inc.]] announced that it had acquired a 4.99% stake in SGX.<ref name="Acquisition by TSE of SGX shares">{{Citation |
On 15 June 2007, [[Tokyo Stock Exchange|Tokyo Stock Exchange, Inc.]] announced that it had acquired a 4.99% stake in SGX.<ref name="Acquisition by TSE of SGX shares">{{Citation |title=Acquisition by TSE of SGX shares |url=http://www.tse.or.jp/english/news/200706/070615_a.html |access-date=11 October 2010 |archive-url=https://web.archive.org/web/20070715162619/http://www.tse.or.jp/english/news/200706/070615_a.html |url-status=dead |publisher=Tokyo Stock Exchange Group, Inc. |archive-date=15 July 2007}}</ref> Since then the value of the shares has declined and the Tokyo Stock Exchange, Inc. has made a decision to sell the shares it holds in SGX to its parent company, the Tokyo Stock Exchange Group, Inc.<ref name="SGX invests 250 million" /> |
||
On 31 January 2008, SGX acquired a 20% stake in [[Philippine Dealing System Holdings|Philippine Dealing System Holdings Corp]], which has become an associated company of SGX.<ref name="SGX invests 250 million"/> |
On 31 January 2008, SGX acquired a 20% stake in [[Philippine Dealing System Holdings|Philippine Dealing System Holdings Corp]], which has become an associated company of SGX.<ref name="SGX invests 250 million" /> |
||
On 18 April 2008, SGX opened a representative office in [[Beijing]].<ref name="SGX invests 250 million" /> |
|||
At the beginning of 2008, SGX reached an agreement to buy at least 95% of Singapore Commodity Exchange. On 30 June 2008, SGX completed the acquisition of Singapore Commodity Exchange Ltd (SICOM), which now is a 100% subsidiary.<ref name="SGX acquisition of SICOM">{{Citation | publisher = Thomson Reuters | title = Singapore Exchange Limited Completes Acquisition of Singapore Commodity Exchange Limited | url = http://in.reuters.com/finance/stocks/keyDevelopments?symbol=SGXL.SI&pn=3 | archive-url = https://archive.today/20130201093605/http://in.reuters.com/finance/stocks/keyDevelopments?symbol=SGXL.SI&pn=3 | url-status = dead | archive-date = 1 February 2013 | access-date=1 October 2010}}</ref><ref>{{Citation | publisher = Alacra, Inc. | title = Singapore Exchange Ltd acquires Singapore Commodity Exchange | url = http://www.alacrastore.com/deal-snapshot/Singapore_Exchange_Ltd_acquires_Singapore_Commodity_Exchange-509368 | access-date=9 February 2012}} {{subscription required}}</ref><ref>{{Citation | title = Singapore Exchange Ltd. Summary Annual Report 2008 | publisher = Singapore Exchange Ltd. | page = 9 | url = http://www.sgx.com/wps/wcm/connect/452916004812276783b6cbf7600829c5/SGX_SARFY08.pdf?MOD=AJPERES&CACHEID=452916004812276783b6cbf7600829c5}}</ref><ref>{{Citation | title = Supplemental Listing Document | chapter = Financial Statements for the Full Year Ended 30 June 2009 | publisher = Singapore Exchange | page = 18 of 35 | chapter-url = http://info.sgx.com/listprosp.nsf/6a0c49f183949ef648257562000833e5/8e70130573d3489048257616002f4fcd/$FILE/SGXCallSLD.pdf | archive-url = https://www.webcitation.org/6DzU6dXmH?url=http://info.sgx.com/listprosp.nsf/6a0c49f183949ef648257562000833e5/8e70130573d3489048257616002f4fcd/$FILE/SGXCallSLD.pdf | url-status = dead | archive-date = 27 January 2013 | access-date = 27 January 2013 }}</ref> |
At the beginning of 2008, SGX reached an agreement to buy at least 95% of Singapore Commodity Exchange. On 30 June 2008, SGX completed the acquisition of Singapore Commodity Exchange Ltd (SICOM), which now is a 100% subsidiary.<ref name="SGX acquisition of SICOM">{{Citation | publisher = Thomson Reuters | title = Singapore Exchange Limited Completes Acquisition of Singapore Commodity Exchange Limited | url = http://in.reuters.com/finance/stocks/keyDevelopments?symbol=SGXL.SI&pn=3 | archive-url = https://archive.today/20130201093605/http://in.reuters.com/finance/stocks/keyDevelopments?symbol=SGXL.SI&pn=3 | url-status = dead | archive-date = 1 February 2013 | access-date=1 October 2010}}</ref><ref>{{Citation | publisher = Alacra, Inc. | title = Singapore Exchange Ltd acquires Singapore Commodity Exchange | url = http://www.alacrastore.com/deal-snapshot/Singapore_Exchange_Ltd_acquires_Singapore_Commodity_Exchange-509368 | access-date=9 February 2012}} {{subscription required}}</ref><ref>{{Citation | title = Singapore Exchange Ltd. Summary Annual Report 2008 | publisher = Singapore Exchange Ltd. | page = 9 | url = http://www.sgx.com/wps/wcm/connect/452916004812276783b6cbf7600829c5/SGX_SARFY08.pdf?MOD=AJPERES&CACHEID=452916004812276783b6cbf7600829c5}}</ref><ref>{{Citation | title = Supplemental Listing Document | chapter = Financial Statements for the Full Year Ended 30 June 2009 | publisher = Singapore Exchange | page = 18 of 35 | chapter-url = http://info.sgx.com/listprosp.nsf/6a0c49f183949ef648257562000833e5/8e70130573d3489048257616002f4fcd/$FILE/SGXCallSLD.pdf | archive-url = https://www.webcitation.org/6DzU6dXmH?url=http://info.sgx.com/listprosp.nsf/6a0c49f183949ef648257562000833e5/8e70130573d3489048257616002f4fcd/$FILE/SGXCallSLD.pdf | url-status = dead | archive-date = 27 January 2013 | access-date = 27 January 2013 }}</ref> |
||
In August 2009, SGX formed a joint venture with [[Chi-X Global]], called Chi-East.<ref name="Chi01">{{Citation |title=Ex-BlocSec CEO to lead Chi-East dark pool |url=http://www.thetradenews.com/asset-classes/equities/4056 |access-date=10 October 2010 |archive-url=https://web.archive.org/web/20110702131443/http://thetradenews.com/asset-classes/equities/4056 |url-status=dead |publisher=The Trade News |archive-date=2 July 2011}}</ref> At the beginning of October 2010, this joint venture received approval from the [[Monetary Authority of Singapore]] to operate a [[dark pool]] trading platform.<ref name="Chi02">{{Citation |title=Chi-East receives MAS approval to operate dark pool trading platform |url=http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1085106/1/.html |access-date=10 October 2010 |archive-url=https://archive.today/20130118223255/http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1085106/1/.html |url-status=live |publisher=Channel NewsAsia |archive-date=18 January 2013}}</ref> |
|||
In November 2016 the Singapore Exchange (SGX) acquired the [[Baltic Exchange]], headquartered in London. |
|||
On 8 June 2010, SGX announced it has opened an office in London.<ref name="SGX expands in London">{{Citation |title=SGX expands in London |url=http://www.finanznachrichten.de/pdf/20100608_170447_S68_E98011ED1B1069404825773C00319A5E.1.pdf |access-date=21 October 2010 |publisher=Singapore Exchange Limited}}</ref><ref name="SGX London">{{Citation |title=SGX expands in London |url=http://www.thetradenews.com/trading-venues/exchanges/4671 |access-date=21 October 2010 |archive-url=https://web.archive.org/web/20110717043411/http://www.thetradenews.com/trading-venues/exchanges/4671 |url-status=dead |publisher=The Trade News |archive-date=17 July 2011}}</ref><ref name="SGX establishes London office">{{Citation |title=SGX establishes London office to better serve European customers |url=http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1061854/1/.html |access-date=21 October 2010 |publisher=MediaCorp Pte Ltd}}</ref> This is part of SGXs move to invest S$250 million into its Reach initiative.<ref name="SGX boost">{{Citation |title=SGX to boost trading speeds, global links |url=http://www.asiaone.com/News/The%2BBusiness%2BTimes/Story/A1Story20100604-220283.html |access-date=21 October 2010 |publisher=Singapore Press Holdings Ltd}}</ref> By implementing this initiative, SGX plans to create the world's fastest trading engine and a data centre as well as further connecting trading communities in the world to Singapore. The new trading platform, SGX Reach, will be delivered to SGX by [[NASDAQ OMX Group|NASDAQ OMX]], [[Voltaire]] and [[Hewlett-Packard|HP]].<ref name="SGX invests 250 million" /> This platform is based on [[GENIUM]], a trading platform developed by NASDAQ OMX.<ref name="Gateway to Asia">{{Citation |title=Gateway to Asia |url=http://www.nasdaqomx.com/whatwedo/markettechnology/marketview/MarketView_2009_1/Gateway_to_Asia/ |access-date=21 October 2010 |archive-url=https://web.archive.org/web/20100104200831/http://nasdaqomx.com/whatwedo/markettechnology/marketview/MarketView_2009_1/Gateway_to_Asia/ |url-status=dead |publisher=[[NASDAQ OMX Group|The NASDAQ OMX Group, Inc.]] |archive-date=4 January 2010}}</ref> |
|||
=== Representative Office === |
|||
On 18 April 2008, SGX opened a representative office in [[Beijing]].<ref name="SGX invests 250 million"/> |
|||
In November 2016 the Singapore Exchange (SGX) acquired the [[Baltic Exchange]], headquartered in London. |
|||
On 8 June 2010, SGX announced it has opened an office in London.<ref name="SGX expands in London">{{Citation | publisher = Singapore Exchange Limited | title = SGX expands in London | url = http://www.finanznachrichten.de/pdf/20100608_170447_S68_E98011ED1B1069404825773C00319A5E.1.pdf | access-date=21 October 2010}}</ref><ref name="SGX London">{{Citation |publisher=The Trade News |title=SGX expands in London |url=http://www.thetradenews.com/trading-venues/exchanges/4671 |archive-url=https://web.archive.org/web/20110717043411/http://www.thetradenews.com/trading-venues/exchanges/4671 |archive-date=17 July 2011 |access-date=21 October 2010 |url-status=dead }}</ref><ref name="SGX establishes London office">{{Citation | publisher = MediaCorp Pte Ltd | title = SGX establishes London office to better serve European customers | url = http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1061854/1/.html | access-date=21 October 2010}}</ref> This is part of SGXs move to invest S$250 million into its Reach initiative.<ref name="SGX boost">{{Citation | publisher = Singapore Press Holdings Ltd | title = SGX to boost trading speeds, global links | url = http://www.asiaone.com/News/The%2BBusiness%2BTimes/Story/A1Story20100604-220283.html | access-date=21 October 2010}}</ref> By implementing this initiative, SGX plans to create the world's fastest trading engine and a data centre as well as further connecting trading communities in the world to Singapore. The new trading platform, SGX Reach, will be delivered to SGX by [[NASDAQ OMX Group|NASDAQ OMX]], [[Voltaire]] and [[Hewlett-Packard|HP]].<ref name="SGX invests 250 million"/> This platform is based on [[GENIUM]], a trading platform developed by NASDAQ OMX.<ref name="Gateway to Asia">{{Citation |publisher=[[NASDAQ OMX Group|The NASDAQ OMX Group, Inc.]] |title=Gateway to Asia |url=http://www.nasdaqomx.com/whatwedo/markettechnology/marketview/MarketView_2009_1/Gateway_to_Asia/ |archive-url=https://web.archive.org/web/20100104200831/http://nasdaqomx.com/whatwedo/markettechnology/marketview/MarketView_2009_1/Gateway_to_Asia/ |archive-date=4 January 2010 |access-date=21 October 2010 |url-status=dead }}</ref> |
|||
In February 2011, SGX has entered a partnership with NASDAQ OMX to provide a suite of tools and solutions for companies, which is designed to support listed companies in Asia.<ref>{{Cite news |date=2011-02-22 |title=Singapore's SGX, NASDAQ to provide investor relation tool |language=en |work=Reuters |url=https://www.reuters.com/article/idINIndia-55064920110222 |access-date=2023-04-13}}</ref> |
|||
=== Partnership === |
|||
SGX has entered a partnership with NASDAQ OMX. Together they will provide a suite of tools and solutions for companies, which is designed to support listed companies in Asia.<ref name="SGX partners with NASDAQ oMX">{{Citation | publisher = DGAP News Service | title = Singapore Exchange Partners With NASDAQ OMX to Offer Innovative Corporate Solutions to Asian Companies | url = http://www.dgap.de/news/corporate/singapore-exchange-partners-with-nasdaq-omx-offer-innovative-corporate-solutions-asian-companies_187832_660430.htm | access-date=12 April 2011}}</ref> |
|||
SGX plans to introduce dual currency trading of securities, which includes stocks, bonds and other listed investments in two different denominations, the Singapore and US dollar on 2 April 2012.<ref name="dual">{{cite web|title=SGX introduces dual currency trading|url=http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1190559/1/.html|publisher=[[MediaCorp Channel NewsAsia|Channel NewsAsia]]|access-date=23 March 2012}}</ref> |
|||
=== Dual currency trading === |
|||
SGX plan to introduce dual currency trading of securities — Which includes stocks, bonds and other listed investments in two different denominations, the Singapore and US dollar on 2 April 2012.<ref name="dual">{{cite web|title=SGX introduces dual currency trading|url=http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1190559/1/.html|publisher=[[MediaCorp Channel NewsAsia|Channel NewsAsia]]|access-date=23 March 2012}}</ref> |
|||
In October 2013, excessive speculation led to the sharp price fall of three mainboard stocks, Blumont Group Ltd, Asiasons Capital Ltd. and LionGold Corp.<ref>Reuters [https://www.reuters.com/article/us-singaporeexchange-shares-idUSBRE99N1MJ20131024 "Singapore launches probe into penny stocks crash"], 25 October 2013</ref> SGX and the Monetary Authority of Singapore (MAS) launched a review of activities around the three stocks, and in February 2014 jointly issued a consultation paper setting out a number of enhancements to strengthen the securities market and protect investors from speculative and market manipulative behaviour.<ref>Baker and McKenzie [http://www.bakermckenzie.com/alsingaporecorporatesecuritiesfeb14/ "MAS and SGX Jointly Propose Enhancements to Securities Market and Self-Regulatory Framework"] {{webarchive|url=https://web.archive.org/web/20150722193134/http://www.bakermckenzie.com/alsingaporecorporatesecuritiesfeb14/|date=22 July 2015}}, February 2014</ref> Enhancements included implementing a minimum trading price for mainboard listed issuers, requiring reporting of short positions and the creation of three independent regulatory bodies. |
|||
=== Financial Performance === |
|||
As of 31 January 2010, SGX had 774 listed companies with a combined market capitalization of S$650 billion. The revenues of SGX are mainly from the [[securities market]] (75%) and [[derivatives market]] (25%). |
|||
On 6 February 2018, the Singapore Exchange (SGX) and [[Bursa Malaysia]] announced a proposed stock market trading link which will be operational by end-2018. The new link will allow investors to conduct trading of shares in an efficient manner. In addition to trading, the link will cover the clearing and settlement of traded stocks, procedures required for post-trading arrangements. Before the launch of the link, cross-border supervisory and enforcement arrangements will be worked upon by the [[Monetary Authority of Singapore]] and [[Securities Commission Malaysia]].<ref>{{cite web |date=6 February 2018 |title=Singapore and Malaysia to set up stock market trading link by end-2018 |url=https://www.straitstimes.com/business/companies-markets/singapore-and-malaysia-to-set-up-stock-market-trading-link-by-end-2018 |access-date=27 June 2019 |website=The Straits Times}}</ref> After the results of the [[2018 Malaysian general election]], plans for the stock market link were put on hold.<ref>{{cite web |date=6 June 2018 |title=Proposed Singapore-Malaysia stock market trading link to be reviewed: Mahathir |url=https://www.todayonline.com/world/proposed-singapore-malaysia-stock-market-trading-link-be-reviewed-mahathir |access-date=27 June 2019 |website=Today}}</ref> |
|||
SGX reported a net profit of $165.8 million for the first half of its financial year 2010. Excluding non-recurring items, net profit was 7% higher compared to 1H FY2009 ($159.2 million). In the second quarter of the financial year 2010, excluding the non-recurring items, net profit of $77.0 million was 3% higher than a year ago. Operating revenue increased 6% to $324.0 million (1H FY2009: $304.9 million). {{Citation needed|date=September 2010}} |
|||
On 21 January 2020, Singapore Exchange (SGX) was listed in the Bloomberg Gender-Equality Index (GEI) for the first time in recognition of [[gender equality]], as well as its commitment to diversity and board representation.<ref>{{cite web |last1=Seow |first1=Joanna |date=21 January 2020 |title=5 Singapore firms make it to global stock index recognising good gender equality data, policies |url=https://www.straitstimes.com/singapore/manpower/5-singapore-firms-make-it-to-global-stock-index-recognising-good-gender-equality |access-date=23 July 2020 |website=The Straits Times}}</ref> |
|||
=== Small-cap sell-off === |
|||
In October 2013, excessive speculation led to the sharp price fall of three mainboard stocks, Blumont Group Ltd, Asiasons Capital Ltd. and LionGold Corp.<ref>Reuters [https://www.reuters.com/article/us-singaporeexchange-shares-idUSBRE99N1MJ20131024 "Singapore launches probe into penny stocks crash"], 25 October 2013</ref> SGX and the Monetary Authority of Singapore (MAS) launched a review of activities around the three stocks, and in February 2014 jointly issued a consultation paper setting out a number of enhancements to strengthen the securities market and protect investors from speculative and market manipulative behavior.<ref>Baker and McKenzie [http://www.bakermckenzie.com/alsingaporecorporatesecuritiesfeb14/ "MAS and SGX Jointly Propose Enhancements to Securities Market and Self-Regulatory Framework"] {{webarchive |url=https://web.archive.org/web/20150722193134/http://www.bakermckenzie.com/alsingaporecorporatesecuritiesfeb14/ |date=22 July 2015 }}, February 2014</ref> Enhancements included implementing a minimum trading price for mainboard listed issuers, requiring reporting of short positions and the creation of three independent regulatory bodies. |
|||
=== Merger talks === |
|||
=== 2018 Review of corporate governance code === |
|||
SGX was in merger talks with [[Australian Securities Exchange]] (ASX), which would have created a bourse with a market value of US$14 billion had the deal been successful.<ref>{{cite web |title=SGX, Australian stock exchange in merger talks |url=http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1088705/1/.html |url-status=live |archive-url=https://archive.today/20101025025713/http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1088705/1/.html |archive-date=25 October 2010 |access-date=22 October 2010 |publisher=[[CNA (TV network)|Channel NewsAsia]]}}</ref><ref>[https://www.bbc.co.uk/news/business-11617113 Singapore stock exchange bids $8.3bn for Australian ASX] {{webarchive|url=https://web.archive.org/web/20110519185721/http://www.bbc.co.uk/news/business-11617113|date=19 May 2011}}</ref> The [[Australian Competition & Consumer Commission]] said on 15 December 2010 that it would not oppose SGXs takeover of ASX.<ref>{{cite web |title=ACCC clears proposed acquisition of ASX by Singapore Exchange |url=http://www.accc.gov.au/content/index.phtml/itemId/962113 |url-status=live |archive-url=https://web.archive.org/web/20110622003011/http://www.accc.gov.au/content/index.phtml/itemId/962113 |archive-date=22 June 2011 |access-date=7 January 2011 |publisher=[[Australian Competition & Consumer Commission]]}}</ref> |
|||
Numerous guidelines are set to be shifted to SGX Listing Rules. At least one-third of the board members are to be independent directors. The shareholding threshold for assessing director independence has been lowered to 5% from 10%. A director will no longer be independent if he or any immediate family member is a substantial shareholder with a 5% stake or more. Relationships between chairman and CEO must be disclosed if they are immediate family members. There will be a proposed 9 year limit on independent directors as a hard limit, or the appointment of independent directors who have served more than nine years to be put to an annual vote requiring approval from majority of all shareholders and majority of non-controlling shareholders, with a transition period of three years to be provided regardless of the option adopted. Directors must be submitted for renomination and reappointment at least once every three years. If dividends are not paid, companies must state the reason. |
|||
SGX's plans to buy ASX have drawn criticism from the [[Tokyo Stock Exchange]], which is the second largest shareholder in SGX. A representative of the TSE said SGX's bid for ASX "would flag off a race to consolidate".<ref>{{cite web |title=Singapore's bid to buy stock exchange stings Australia's prestige |url=http://www.chinapost.com.tw/commentary/dpa/2010/10/28/277776/Singapores-bid.htm |url-status=live |archive-url=https://web.archive.org/web/20120929215729/http://www.chinapost.com.tw/commentary/dpa/2010/10/28/277776/Singapores-bid.htm |archive-date=29 September 2012 |access-date=19 March 2011 |website=[[China Post]]}}</ref> TSE chief Atsushi Saito fears isolation of the Tokyo Stock Exchange as a result of the takeover.<ref>{{cite web |title=Tokyo fears stock exchange merger plan |url=http://australianetworknews.com/stories/201010/3049862.htm |url-status=dead |archive-url=https://web.archive.org/web/20120314104131/http://australianetworknews.com/stories/201010/3049862.htm |archive-date=14 March 2012 |access-date=19 March 2011}}</ref> |
|||
The Corporate Governance Council of Singapore is proposing to force a "nine-year rule" that will reassess whether long-serving independent directors of listed companies will qualify as independent after being in that role for so long. The proposal was made in an effort to encourage companies to refresh and introduce more diversity into their boardrooms. The Singapore Exchange is seeking public feedback on whether it should be written into the Listing Rules, and public consultation will close on 15 March.<ref>{{Cite web |url=https://www.straitstimes.com/singapore/new-corporate-governance-rules-proposed |title=New corporate governance rules proposed |website=The Straits Times |access-date=18 October 2019 |date=17 January 2018}}</ref> |
|||
SGX revised its initial takeover proposal in an attempt to overcome some of the opposition to the plans. This would have decreased the number of Singaporean citizens on the board of the combined company and would have given addition seats to Australians.<ref>{{cite web |author=Shani Raja |author2=Sarah Jones |date=15 February 2011 |title=Singapore Exchange Recasts ASX Bid to Fight Lawmaker Opposition |url=http://www.businessweek.com/news/2011-02-15/singapore-exchange-recasts-asx-bid-to-fight-lawmaker-opposition.html |url-status=dead |archive-url=https://web.archive.org/web/20121026000229/http://www.businessweek.com/news/2011-02-15/singapore-exchange-recasts-asx-bid-to-fight-lawmaker-opposition.html |archive-date=26 October 2012 |access-date=18 April 2011 |publisher=Bloomberg}}</ref> However, on 8 April 2011, the [[Treasurer of Australia]], [[Wayne Swan]], made the decision to block the merger between the two exchanges. Upon the announcement that the federal government would block the merger, SGX retracted its bid for ASX shares and decided to seek growth opportunities elsewhere.<ref>{{cite web |title=SGX eyes other opportunities |url=http://www.channelnewsasia.com/stories/afp_singapore_business/view/1121452/1/.html |access-date=10 April 2011 |publisher=Channel NewsAsia}}</ref> |
|||
=== Proposed stock market trading link with Bursa Malaysia === |
|||
On 6 February 2018, the Singapore Exchange (SGX) and [[Bursa Malaysia]] announced a proposed stock market trading link which will be operational by end-2018. The new link will allow investors to conduct trading of shares in an efficient manner. In addition to trading, the link will cover the clearing and settlement of traded stocks, procedures required for post-trading arrangements. Before the launch of the link, cross-border supervisory and enforcement arrangements will be worked upon by the [[Monetary Authority of Singapore]] and [[Securities Commission Malaysia]].<ref>{{cite web |title=Singapore and Malaysia to set up stock market trading link by end-2018 |url=https://www.straitstimes.com/business/companies-markets/singapore-and-malaysia-to-set-up-stock-market-trading-link-by-end-2018 |website=The Straits Times |date=6 February 2018 |access-date=27 June 2019}}</ref> After the results of the [[2018 Malaysian general election]], plans for the stock market link were put on hold.<ref>{{cite web |title=Proposed Singapore-Malaysia stock market trading link to be reviewed: Mahathir |url=https://www.todayonline.com/world/proposed-singapore-malaysia-stock-market-trading-link-be-reviewed-mahathir |website=Today |date=6 June 2018 |access-date=27 June 2019}}</ref> |
|||
As of July 2012, SGX was in merger talks with the [[London Stock Exchange]] (LSE)<ref>{{cite news |last1=Mangan |first1=S. |last2=Armstrong |first2=R. |date=19 July 2012 |title=LSE, Singapore exchange in merger talks: report |work=Reuters |url=https://www.reuters.com/article/us-lse-sgx-merger-idUSBRE86I1NA20120720 |url-status=live |access-date=30 August 2012 |archive-url=https://web.archive.org/web/20120725000945/http://www.reuters.com/article/2012/07/20/us-lse-sgx-merger-idUSBRE86I1NA20120720 |archive-date=25 July 2012}}</ref> and the two exchanges already signed a cross trading agreement.<ref>{{cite web |date=11 July 2012 |title=SGX and LSE Sign Cross Trading Agreement |url=http://www.finanznachrichten.de/nachrichten-2012-07/24016388-sgx-and-lse-sign-cross-trading-agreement-011.htm |url-status=dead |archive-url=https://web.archive.org/web/20150102072010/http://www.finanznachrichten.de/nachrichten-2012-07/24016388-sgx-and-lse-sign-cross-trading-agreement-011.htm |archive-date=2 January 2015 |access-date=30 August 2012 |publisher=FinanzNachrichten.de}}</ref> However, on 20 July, SGX said there are no plans for a takeover of or merger with LSE.<ref>{{cite news |date=20 July 2012 |title=Singapore exchange denies LSE merger talks |work=Reuters |url=https://www.reuters.com/article/us-lse-sgx-idUSBRE86J09E20120720 |url-status=live |access-date=4 September 2012 |archive-url=https://web.archive.org/web/20120723001804/http://www.reuters.com/article/2012/07/20/us-lse-sgx-idUSBRE86J09E20120720 |archive-date=23 July 2012}}</ref> |
|||
=== Listing into Bloomberg Gender Equality Index === |
|||
On 21 January 2020, Singapore Exchange (SGX) was listed in the Bloomberg Gender-Equality Index (GEI) for the first time in recognition of [[gender equality]], as well as its commitment to diversity and board representation.<ref>{{cite web |last1=Seow |first1=Joanna |title=5 Singapore firms make it to global stock index recognising good gender equality data, policies |url=https://www.straitstimes.com/singapore/manpower/5-singapore-firms-make-it-to-global-stock-index-recognising-good-gender-equality |website=The Straits Times |access-date=23 July 2020 |date=21 January 2020}}</ref> |
|||
== |
== Structure == |
||
SGX operates several different divisions, each responsible for handling specific businesses. |
|||
* SGX ETS (Electronic Trading System): provides global trading access to SGX markets where 80 per cent of the customers are from outside Singapore.<ref>{{cite book |last=Tan |first=Chwee Huat |url=https://books.google.com/books?id=KV72O4mQ-WwC&pg=PA140 |title=Singapore Financial and Business Sourcebook |publisher=Singapore University Press |year=2002 |isbn=978-9971-69-256-8 |page=140}}</ref> |
|||
* SGX DT (Derivatives Trading): provides derivatives trading.<ref name="SGX invests 250 million" /> |
|||
* SGX ST (Securities Trading): provides securities trading.<ref name="SGX-ST">{{Citation |title=Exchange: Singapore Exchange Securities Trading Limited (SGX-ST) |url=http://www.emoney.co.ir/files/products/cfd_sgx.pdf |access-date=24 November 2010 |publisher=emoney.co.ir}}{{dead link|date=January 2013}}</ref> |
|||
* SGX DC (Derivatives Clearing): subsidiary for clearing and settlement operations.<ref name="SGX-DC">{{Cite book |last=Tan |first=Chwee Huat. |url=https://books.google.com/books?id=lAChksdNj0MC&q=singapore+exchange+derivatives+clearing&pg=PA274 |title=Financial markets and institutions in Singapore |publisher=Singapore University Press / NUS Publishing |year=2005 |isbn=978-9971-69-314-5 |edition=11th |location=Singapore |page=248}}</ref> |
|||
* SGX AsiaClear: offers clearing services for over-the-counter (OTC) oil swaps and forward freight agreements.<ref name="About SGX AsiaClear">{{Citation |title=About SGX AsiaClear |url=http://www.asiaclear.com.sg/about/aboutus.shtml |access-date=12 October 2010 |archive-url=https://web.archive.org/web/20090529105910/http://www.asiaclear.com.sg/about/aboutus.shtml |publisher=Singapore Exchange Ltd |archive-date=29 May 2009}}</ref> |
|||
* SGX Reach: an electronic trading platform.<ref name="SGX invests 250 million" /> |
|||
* Central Depository Pte Ltd: subsidiary responsible for securities clearing, settlement and depository services.<ref name="SGX invests 250 million" /> |
|||
* Asian Gateway Investments Pte Ltd: wholly owned subsidiary |
|||
* Singapore Exchange IT Solutions Pte Ltd: provides computer services and maintenance as well as software maintenance<ref>{{Citation |title=The Asian Gateway Singapore Exchange Annual Report 2012 July 2011 – June 2012 |page=122 |year=2012 |series=Annual Report |chapter=Investments in Subsidiaries |chapter-url=http://info.sgx.com/listprosp.nsf/6c6be9506be8679f482574e4002cb6b3/d09f33151072886048257a690025b278/$FILE/ATTBW58T.pdf/Singapore%20Exchange%20Annual%20Report%202012.pdf |publisher=Singapore Exchange Ltd}}{{dead link|date=October 2017|bot=InternetArchiveBot|fix-attempted=yes}}</ref> |
|||
== Listing == |
|||
=== Merger talks with ASX === |
|||
The companies listed on SGX belong to one of two groups: the companies listed on the SGX Mainboard and the companies listed on SGX [[Nasdaq|NASDAQ]]. In order to be listed on the mainboard, a company has to fulfill some requirements set forth by SGX, while a listing on NASDAQ is not tied to the fulfilment of any additional conditions.<ref name="SGX invests 250 million" /> SESDAQ was replaced on 26 November 2007 by the SGX Catalist after an extensive study of other market models and a public consultation in May 2007.<ref name="auto">{{Cite web |title=SGX Unveils Catalyst, Sponsor-Supervised Listing Platform For Fast-Growing Companies – Corporate/Commercial Law – Singapore |url=http://www.mondaq.com/x/56908/Company+Formation/SGX+Unveils+Catalist+SponsorSupervised+Listing+Platform+For+Fast+Growing+Companies |access-date=7 June 2018 |website=www.mondaq.com}}</ref> The word "Catalist" is an amalgamation of the words "Catalyst" and "List", to reflect the idea that the Catalist board could be used as a catalyst to propel growth upon listing.<ref name="auto" /> Catalist differs from SESDAQ primarily in its use of a sponsor system to determine a prospective company's suitability to list and as a corporate advisor to advise on listing and corporate governance issues.{{Citation needed|date=March 2023}} |
|||
SGX was in merger talks with [[Australian Securities Exchange]] (ASX), which would have created a bourse with a market value of US$14 billion had the deal been successful.<ref>{{cite web|title=SGX, Australian stock exchange in merger talks|url=http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1088705/1/.html|publisher=[[CNA (TV network)|Channel NewsAsia]]|access-date=22 October 2010|archive-url=https://archive.today/20101025025713/http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1088705/1/.html|url-status=live|archive-date=25 October 2010}}</ref><ref>[https://www.bbc.co.uk/news/business-11617113 Singapore stock exchange bids $8.3bn for Australian ASX] {{webarchive|url=https://web.archive.org/web/20110519185721/http://www.bbc.co.uk/news/business-11617113 |date=19 May 2011 }}</ref> |
|||
== Trading system == |
|||
The [[Australian Competition & Consumer Commission]] said on 15 December 2010 that it would not oppose SGXs takeover of ASX.<ref>{{cite web |title=ACCC clears proposed acquisition of ASX by Singapore Exchange |url=http://www.accc.gov.au/content/index.phtml/itemId/962113 |publisher=[[Australian Competition & Consumer Commission]]|access-date=7 January 2011 |archive-url=https://web.archive.org/web/20110622003011/http://www.accc.gov.au/content/index.phtml/itemId/962113 |archive-date=22 June 2011 |url-status=live }}</ref> |
|||
The exchange launched SGX QUEST (SGX Quotation and Execution System) in August 2004. The system is used by the exchange for derivatives and securities trading.<ref name="SGXadopts">{{Citation |title=Singapore Exchange adopts Financial Information eXchange Protocol to strengthen position in global financial markets |url=http://fixglobal.com/back_issues/Q4/ASIA%20PAC/Sing%20Ex%20adopts%20FIX.pdf |access-date=12 October 2010 |archive-url=https://web.archive.org/web/20081011050821/http://fixglobal.com/back_issues/Q4/ASIA%20PAC/Sing%20Ex%20adopts%20FIX.pdf |publisher=ASIA PAC |archive-date=11 October 2008}}</ref> |
|||
==Financial performance== |
|||
As of 31 January 2010, SGX had 774 listed companies with a combined market capitalisation of S$650 billion. The revenues of SGX are mainly from the [[securities market]] (75%) and [[derivatives market]] (25%). |
|||
==== Criticism from Tokyo Stock Exchange ==== |
|||
SGX's plans to buy ASX have drawn criticism from the [[Tokyo Stock Exchange]], which is the second largest shareholder in SGX. A representative of the TSE said SGX's bid for ASX "would flag off a race to consolidate".<ref>{{cite web |title=Singapore's bid to buy stock exchange stings Australia's prestige |url=http://www.chinapost.com.tw/commentary/dpa/2010/10/28/277776/Singapores-bid.htm |website=[[China Post]] |access-date=19 March 2011 |archive-url=https://web.archive.org/web/20120929215729/http://www.chinapost.com.tw/commentary/dpa/2010/10/28/277776/Singapores-bid.htm |archive-date=29 September 2012 |url-status=live }}</ref> TSE chief Atsushi Saito fears isolation of the Tokyo Stock Exchange as a result of the takeover.<ref>{{cite web |title=Tokyo fears stock exchange merger plan |url=http://australianetworknews.com/stories/201010/3049862.htm |access-date=19 March 2011 |archive-url=https://web.archive.org/web/20120314104131/http://australianetworknews.com/stories/201010/3049862.htm |archive-date=14 March 2012 |url-status=dead }}</ref> |
|||
SGX reported a net profit of $165.8 million for the first half of its financial year 2010. Excluding non-recurring items, net profit was 7% higher compared to 1H FY2009 ($159.2 million). In the second quarter of the financial year 2010, excluding the non-recurring items, net profit of $77.0 million was 3% higher than a year ago. Operating revenue increased 6% to $324.0 million (1H FY2009: $304.9 million).{{Citation needed|date=September 2010}} |
|||
==== Revision of takeover proposal ==== |
|||
SGX revised its initial takeover proposal in an attempt to overcome some of the opposition to the plans. This would have decreased the number of Singaporean citizens on the board of the combined company and would have given addition seats to Australians.<ref>{{cite web |title=Singapore Exchange Recasts ASX Bid to Fight Lawmaker Opposition |url=http://www.businessweek.com/news/2011-02-15/singapore-exchange-recasts-asx-bid-to-fight-lawmaker-opposition.html |publisher=Bloomberg |access-date=18 April 2011 |author=Shani Raja |author2=Sarah Jones |date=15 February 2011 |archive-url=https://www.webcitation.org/5zEEPFKW3?url=http://www.businessweek.com/news/2011-02-15/singapore-exchange-recasts-asx-bid-to-fight-lawmaker-opposition.html |archive-date=6 June 2011 |url-status=dead }}</ref> |
|||
|
== Corporate governance code == |
||
Numerous guidelines are set to be shifted to SGX Listing Rules. At least one-third of the board members are to be independent directors. The shareholding threshold for assessing director independence has been lowered to 5% from 10%. A director will no longer be independent if he or any immediate family member is a substantial shareholder with a 5% stake or more. Relationships between chairman and CEO must be disclosed if they are immediate family members. There will be a proposed 9 year limit on independent directors as a hard limit, or the appointment of independent directors who have served more than nine years to be put to an annual vote requiring approval from majority of all shareholders and majority of non-controlling shareholders, with a transition period of three years to be provided regardless of the option adopted. Directors must be submitted for renomination and reappointment at least once every three years. If dividends are not paid, companies must state the reason. |
|||
However, on 8 April 2011, the [[Treasurer of Australia]], [[Wayne Swan]], made the decision to block the merger between the two exchanges. Upon the announcement that the federal government would block the merger, SGX retracted its bid for ASX shares and decided to seek growth opportunities elsewhere.<ref>{{cite web|title=SGX eyes other opportunities|url=http://www.channelnewsasia.com/stories/afp_singapore_business/view/1121452/1/.html|publisher=Channel NewsAsia|access-date=10 April 2011}}</ref> |
|||
The Corporate Governance Council of Singapore is proposing to force a "nine-year rule" that will reassess whether long-serving independent directors of listed companies will qualify as independent after being in that role for so long. The proposal was made in an effort to encourage companies to refresh and introduce more diversity into their boardrooms. The Singapore Exchange is seeking public feedback on whether it should be written into the Listing Rules, and public consultation will close on 15 March.<ref>{{Cite web |url=https://www.straitstimes.com/singapore/new-corporate-governance-rules-proposed |title=New corporate governance rules proposed |website=The Straits Times |access-date=18 October 2019 |date=17 January 2018}}</ref> |
|||
=== Cooperation and merger talks with LSE === |
|||
As of July 2012, SGX was in merger talks with the [[London Stock Exchange]] (LSE)<ref>{{cite news |last1=Mangan |first1=S. |last2=Armstrong |first2=R. |title=LSE, Singapore exchange in merger talks: report |url=https://www.reuters.com/article/us-lse-sgx-merger-idUSBRE86I1NA20120720 |agency=Reuters |access-date=30 August 2012 |date=19 July 2012 |archive-url=https://web.archive.org/web/20120725000945/http://www.reuters.com/article/2012/07/20/us-lse-sgx-merger-idUSBRE86I1NA20120720 |archive-date=25 July 2012 |url-status=live }}</ref> and the two exchanges already signed a cross trading agreement.<ref>{{cite web |title=SGX and LSE Sign Cross Trading Agreement |url=http://www.finanznachrichten.de/nachrichten-2012-07/24016388-sgx-and-lse-sign-cross-trading-agreement-011.htm |publisher=FinanzNachrichten.de |access-date=30 August 2012 |date=11 July 2012 |archive-url=https://web.archive.org/web/20150102072010/http://www.finanznachrichten.de/nachrichten-2012-07/24016388-sgx-and-lse-sign-cross-trading-agreement-011.htm |archive-date=2 January 2015 |url-status=dead }}</ref> However, on 20 July, SGX said there are no plans for a takeover of or merger with LSE.<ref>{{cite news |title=Singapore exchange denies LSE merger talks |url=https://www.reuters.com/article/us-lse-sgx-idUSBRE86J09E20120720 |agency=Reuters |access-date=4 September 2012 |date=20 July 2012 |archive-url=https://web.archive.org/web/20120723001804/http://www.reuters.com/article/2012/07/20/us-lse-sgx-idUSBRE86J09E20120720 |archive-date=23 July 2012 |url-status=live }}</ref> |
|||
== Companies listed |
== Companies listed == |
||
{{See also|List of companies listed on the Singapore Exchange}} |
{{See also|List of companies listed on the Singapore Exchange}} |
||
As of February 2022, there were 672 listed companies (excluding GDRs, Hedge Funds and Debt Securities) on the Singapore Exchange with a market capitalisation of [[SGD]] 899,124 million (roughly US$ |
As of February 2022, there were 672 listed companies (excluding GDRs, Hedge Funds and Debt Securities) on the Singapore Exchange with a market capitalisation of [[SGD]] 899,124 million (roughly US$657 billion).<ref>{{cite web |title=SGX Monthly Market Statistics February 2022 |url=https://api2.sgx.com/sites/default/files/2022-03/SGX%20Monthly%20Market%20Statistics%20Report_Feb%202022_FA.pdf |access-date=1 April 2022}}</ref> |
||
{| class="wikitable" |
{| class="wikitable" |
||
| Line 129: | Line 111: | ||
! November 2015 |
! November 2015 |
||
|- |
|- |
||
! Domestic |
! Domestic listings |
||
| 483 |
| 483 |
||
|- |
|- |
||
! Foreign |
! Foreign listings |
||
(excluding China) |
(excluding China) |
||
| 165 |
| 165 |
||
|- |
|- |
||
! China |
! China listings |
||
| 123 |
| 123 |
||
|- |
|- |
||
! GDRs, |
! GDRs, hedge funds, and debt securities |
||
| 2 |
| 2 |
||
|- |
|- |
||
| Line 147: | Line 129: | ||
== Major shareholders == |
== Major shareholders == |
||
The following |
The following are top 10 largest shareholders of Singapore Exchange Ltd as of 30 June 2022:<ref>{{Cite web |title=Singapore Exchange Annual Report (July 2021 - June 2022), p.261. Published on 12 September 2022. |url=https://links.sgx.com/1.0.0/corporate-announcements/U78V0ESTXPVCQWYF/0bc0e5993942208d55fbe9d62aa80f87ad07e0de595170e08a193720b039c9a6 |access-date=2023-04-20 |website=links.sgx.com}}</ref> |
||
* SEL Holdings Pte Ltd – 23.66% |
|||
# SEL Holdings Pte Ltd – 23.41% |
|||
Note: Nominees service companies were excluded |
|||
# Citibank Nominees Singapore Pte Ltd – 16.09% |
|||
# DBSN Services Pte Ltd – 10.88% |
|||
# Raffles Nominees (Pte) Limited – 9.65% |
|||
# HSBC (Singapore) Nominees Pte Ltd – 8.42% |
|||
# DBS Nominees (Private) Limited – 5.42% |
|||
# Phillip Securities Pte Ltd – 1.41% |
|||
# BPSS Nominees Singapore (Pte) Ltd – 1.03% |
|||
# United Overseas Bank Nominees (Private) Limited – 0.69% |
|||
# CGS-CIMB Securities (Singapore) Pte Ltd – 0.38% |
|||
== See also == |
== See also == |
||
| Line 180: | Line 169: | ||
[[Category:Stock exchanges in Singapore]] |
[[Category:Stock exchanges in Singapore]] |
||
[[Category:Companies listed on the Singapore Exchange]] |
[[Category:Companies listed on the Singapore Exchange]] |
||
[[Category:Companies in the Straits Times Index]] |
|||
[[Category:Singaporean companies established in 1999]] |
[[Category:Singaporean companies established in 1999]] |
||
[[Category:Stock exchanges in Southeast Asia]] |
[[Category:Stock exchanges in Southeast Asia]] |
||
 | |
SGX Centre 1
| |
| Type | Stock exchange |
|---|---|
| Location | SGX Centre, Singapore |
| Coordinates | 1°16′45″N 103°50′59″E / 1.279042°N 103.849750°E / 1.279042; 103.849750 |
| Founded | 1 December 1999; 24 years ago (1999-12-01) |
| Key people | Koh Boon Hwee (Chairman)[1] Loh Boon Chye (CEO)[2] |
| Currency | Singapore dollar & US dollar[3] |
| No. of listings | 776 |
| Market cap | SGD$9.87 billion[4] |
| Website | www |
| |
| SGX: S68 | |
| Headquarters | |
| Website | www |
Singapore Exchange Limited (SGX Group) is a Singapore-based exchange conglomerate, operating equity, fixed income, currency and commodity markets. It provides a range of listing, trading, clearing, settlement, depository and data services.[5] SGX Group is also a member of the World Federation of Exchanges[6] and the Asian and Oceanian Stock Exchanges Federation.[7] it is ASEAN's second largest market capitalization after Indonesia Stock ExchangeatUS$585.97 billion as of September 2023.[8]
SGX was formed on 1 December 1999 as a holding company. The share capital of some former exchange companies, namely Stock Exchange of Singapore (SES), Singapore International Monetary Exchange (SIMEX) that was founded in 1984 and Securities Clearing and Computer Services Pte Ltd (SCCS) were cancelled and new shares issued in these companies were fully paid up by SGX. In this way, all assets previously owned by these three companies were transferred to SGX. The shareholders previously holding shares in SES, SIMEX and SCCS received newly issued SGX shares.[9]
On 23 November 2000, SGX became the third exchange in Asia-Pacific to be listed via a public offer and a private placement after Australian Securities Exchange; which listed in 1998 and Hong Kong Stock Exchange earlier in 2000.[10] Listed on its own bourse, the SGX stock is a component of benchmark indices such as the MSCI Singapore Free Index and the Straits Times Index.
In May 2006, SGX launched Asia's first over-the-counter (OTC) clearing platform named SGX AsiaClear for a suite of OTC derivative products to reduce counter-party risks and increase liquidity. It introduced OTC trade registration and clearing for a wide range of forward freight agreements (FFA), and oil swaps. Shortly thereafter, it launched the world's first clearing and settlement of iron ore swaps and has since become the world's largest clearer of iron swaps.[11]
On 25 September 2006, the Joint Asian Derivatives Exchange (JADE), a joint venture between SGX and Chicago Board of Trade (CBOT) became operational.[12] However, this joint venture was cancelled in November 2007, with CME Groups selling of its 50% stake in the joint venture to SGX. The contracts previously traded on JADE were transferred to SGX's QUEST trading platform.[7]
In March 2007, SGX bought a 5% stake in Bombay Stock Exchange for 42.7 million dollars.[13]
On 15 June 2007, Tokyo Stock Exchange, Inc. announced that it had acquired a 4.99% stake in SGX.[14] Since then the value of the shares has declined and the Tokyo Stock Exchange, Inc. has made a decision to sell the shares it holds in SGX to its parent company, the Tokyo Stock Exchange Group, Inc.[7]
On 31 January 2008, SGX acquired a 20% stake in Philippine Dealing System Holdings Corp, which has become an associated company of SGX.[7]
On 18 April 2008, SGX opened a representative office in Beijing.[7]
At the beginning of 2008, SGX reached an agreement to buy at least 95% of Singapore Commodity Exchange. On 30 June 2008, SGX completed the acquisition of Singapore Commodity Exchange Ltd (SICOM), which now is a 100% subsidiary.[15][16][17][18]
In August 2009, SGX formed a joint venture with Chi-X Global, called Chi-East.[19] At the beginning of October 2010, this joint venture received approval from the Monetary Authority of Singapore to operate a dark pool trading platform.[20]
On 8 June 2010, SGX announced it has opened an office in London.[21][22][23] This is part of SGXs move to invest S$250 million into its Reach initiative.[24] By implementing this initiative, SGX plans to create the world's fastest trading engine and a data centre as well as further connecting trading communities in the world to Singapore. The new trading platform, SGX Reach, will be delivered to SGX by NASDAQ OMX, Voltaire and HP.[7] This platform is based on GENIUM, a trading platform developed by NASDAQ OMX.[25]
In November 2016 the Singapore Exchange (SGX) acquired the Baltic Exchange, headquartered in London.
In February 2011, SGX has entered a partnership with NASDAQ OMX to provide a suite of tools and solutions for companies, which is designed to support listed companies in Asia.[26]
SGX plans to introduce dual currency trading of securities, which includes stocks, bonds and other listed investments in two different denominations, the Singapore and US dollar on 2 April 2012.[3]
In October 2013, excessive speculation led to the sharp price fall of three mainboard stocks, Blumont Group Ltd, Asiasons Capital Ltd. and LionGold Corp.[27] SGX and the Monetary Authority of Singapore (MAS) launched a review of activities around the three stocks, and in February 2014 jointly issued a consultation paper setting out a number of enhancements to strengthen the securities market and protect investors from speculative and market manipulative behaviour.[28] Enhancements included implementing a minimum trading price for mainboard listed issuers, requiring reporting of short positions and the creation of three independent regulatory bodies.
On 6 February 2018, the Singapore Exchange (SGX) and Bursa Malaysia announced a proposed stock market trading link which will be operational by end-2018. The new link will allow investors to conduct trading of shares in an efficient manner. In addition to trading, the link will cover the clearing and settlement of traded stocks, procedures required for post-trading arrangements. Before the launch of the link, cross-border supervisory and enforcement arrangements will be worked upon by the Monetary Authority of Singapore and Securities Commission Malaysia.[29] After the results of the 2018 Malaysian general election, plans for the stock market link were put on hold.[30]
On 21 January 2020, Singapore Exchange (SGX) was listed in the Bloomberg Gender-Equality Index (GEI) for the first time in recognition of gender equality, as well as its commitment to diversity and board representation.[31]
SGX was in merger talks with Australian Securities Exchange (ASX), which would have created a bourse with a market value of US$14 billion had the deal been successful.[32][33] The Australian Competition & Consumer Commission said on 15 December 2010 that it would not oppose SGXs takeover of ASX.[34]
SGX's plans to buy ASX have drawn criticism from the Tokyo Stock Exchange, which is the second largest shareholder in SGX. A representative of the TSE said SGX's bid for ASX "would flag off a race to consolidate".[35] TSE chief Atsushi Saito fears isolation of the Tokyo Stock Exchange as a result of the takeover.[36]
SGX revised its initial takeover proposal in an attempt to overcome some of the opposition to the plans. This would have decreased the number of Singaporean citizens on the board of the combined company and would have given addition seats to Australians.[37] However, on 8 April 2011, the Treasurer of Australia, Wayne Swan, made the decision to block the merger between the two exchanges. Upon the announcement that the federal government would block the merger, SGX retracted its bid for ASX shares and decided to seek growth opportunities elsewhere.[38]
As of July 2012, SGX was in merger talks with the London Stock Exchange (LSE)[39] and the two exchanges already signed a cross trading agreement.[40] However, on 20 July, SGX said there are no plans for a takeover of or merger with LSE.[41]
SGX operates several different divisions, each responsible for handling specific businesses.
The companies listed on SGX belong to one of two groups: the companies listed on the SGX Mainboard and the companies listed on SGX NASDAQ. In order to be listed on the mainboard, a company has to fulfill some requirements set forth by SGX, while a listing on NASDAQ is not tied to the fulfilment of any additional conditions.[7] SESDAQ was replaced on 26 November 2007 by the SGX Catalist after an extensive study of other market models and a public consultation in May 2007.[47] The word "Catalist" is an amalgamation of the words "Catalyst" and "List", to reflect the idea that the Catalist board could be used as a catalyst to propel growth upon listing.[47] Catalist differs from SESDAQ primarily in its use of a sponsor system to determine a prospective company's suitability to list and as a corporate advisor to advise on listing and corporate governance issues.[citation needed]
The exchange launched SGX QUEST (SGX Quotation and Execution System) in August 2004. The system is used by the exchange for derivatives and securities trading.[48]
As of 31 January 2010, SGX had 774 listed companies with a combined market capitalisation of S$650 billion. The revenues of SGX are mainly from the securities market (75%) and derivatives market (25%).
SGX reported a net profit of $165.8 million for the first half of its financial year 2010. Excluding non-recurring items, net profit was 7% higher compared to 1H FY2009 ($159.2 million). In the second quarter of the financial year 2010, excluding the non-recurring items, net profit of $77.0 million was 3% higher than a year ago. Operating revenue increased 6% to $324.0 million (1H FY2009: $304.9 million).[citation needed]
Numerous guidelines are set to be shifted to SGX Listing Rules. At least one-third of the board members are to be independent directors. The shareholding threshold for assessing director independence has been lowered to 5% from 10%. A director will no longer be independent if he or any immediate family member is a substantial shareholder with a 5% stake or more. Relationships between chairman and CEO must be disclosed if they are immediate family members. There will be a proposed 9 year limit on independent directors as a hard limit, or the appointment of independent directors who have served more than nine years to be put to an annual vote requiring approval from majority of all shareholders and majority of non-controlling shareholders, with a transition period of three years to be provided regardless of the option adopted. Directors must be submitted for renomination and reappointment at least once every three years. If dividends are not paid, companies must state the reason.
The Corporate Governance Council of Singapore is proposing to force a "nine-year rule" that will reassess whether long-serving independent directors of listed companies will qualify as independent after being in that role for so long. The proposal was made in an effort to encourage companies to refresh and introduce more diversity into their boardrooms. The Singapore Exchange is seeking public feedback on whether it should be written into the Listing Rules, and public consultation will close on 15 March.[49]
As of February 2022, there were 672 listed companies (excluding GDRs, Hedge Funds and Debt Securities) on the Singapore Exchange with a market capitalisation of SGD 899,124 million (roughly US$657 billion).[50]
| November 2015 | |
|---|---|
| Domestic listings | 483 |
| Foreign listings
(excluding China) |
165 |
| China listings | 123 |
| GDRs, hedge funds, and debt securities | 2 |
| Total listings | 776 |
The following are top 10 largest shareholders of Singapore Exchange Ltd as of 30 June 2022:[51]
|
| |
|---|---|
|
|
| |
|---|---|
| Members |
|
| Associates |
|
| Affiliates |
|
| Correspondents |
|
|
| |
|---|---|
| Current |
|
| Previous |
|
correct as of 3 January 2022 | |
| International |
|
|---|---|
| National |
|
| Academics |
|
