Friday, September 23, 2011

SGX Offers New Features to Enhance Market Transparency

Singapore Exchange (SGX) Thursday announced that it will improve its securities market opening and closing routines to enhance transparency and trading safeguards.

SGX said that from September 26, real-time indicative equilibrium prices will be published during the opening and closing routines. Also from that date, there will be a random ending to the pre-open and pre-close phases of the opening and closing routines.

The exchange added that it will also improve trading functionalities available to market participants from September 26. Following the launch of its Reach trading engine last month, SGX will offer new order types, allowing investors more flexibility in the execution of their orders, it said. These order types are “Market on Open and Market on Close (both market orders and market-to-limit orders)” and “Session State Orders”.

Gan Seow Ann, President of SGX, said: “We are pleased to be able to better meet customers’ need for increased transparency, richer functionalities, greater capacity, and improved latency with these initiatives. Improvement and innovation are necessary to enhance Singapore’s edge as a leading financial centre. We will continue to offer new market features and initiatives for the benefit of all market participants.”

Wednesday, September 21, 2011

NTT Singapore, SGX Collaborate to Give Customers Fast Trading Access

NTT Singapore, a wholly-owned subsidiary of NTT Communications Corporation, Tuesday announced that it has successfully attained the status of NSP (Network Service Provider) in collaboration with the Singapore Exchange (SGX).

With this, NTT Singapore will be able to offer customers collocated in SGX access to other global or regional stock exchanges and their home markets using NTT Com Low-Latency Service.

In addition, customers who co-locate in NTT Singapore’s new data centre will be able to reach out to trading communities in Chicago, Tokyo and soon, Hong Kong, among others.

NTT Singapore said this can be achieved through its low-latency infrastructure comprising ASE, PC-1 and NTT Communications’ data centres, which are strategically located in close proximity to exchanges.

It added that all of NTT Communications’ data centres are inter-linked by a dedicated high bandwidth and carrier-grade backbone, providing customers optimal access to market information and trading activities.

“Low latency network has increasingly become an important differentiating factor in the financial services industry. Every microsecond counts! Our goal is to enhance customer experience by improving latency between customers’ trading facilities and financial exchanges so that customers can enjoy faster access to market data and trading opportunities,” said Takeshi Kazami, President and CEO of NTT Singapore.

Thursday, September 15, 2011

SGX Amends Listing Rules to Strengthen Corporate Governance Practices

Singapore Exchange (SGX) Wednesday announced amendments to its listing rules to strengthen corporate governance practices and foster greater corporate disclosure.

These amendments are undertaken to keep abreast of the challenges and developments of the industry and are part of SGX’s ongoing efforts to enhance the quality of the marketplace, the exchange said.

To come into effect from September 29 this year, the amendments will apply to the Mainboard Listing Rules, as well as the Catalist Rules where applicable, SGX said.

To strengthen corporate governance and safeguard shareholders’ interests, one of the key amendments is for issuers to have a robust and effective system of internal controls that addresses financial, operational and compliance risks.

Another key amendment is the disclosure of whether any of the issuer’s independent directors has been appointed to the board of the issuer’s principal subsidiaries based in jurisdictions other than Singapore. On an ongoing basis, announcements are required for the appointment and cessation of such independent directors to the board of these principal subsidiaries.

In addition, no transfer of securities will be allowed during a trading suspension, unless approved by SGX.

Under specific circumstances, such as where the issuer is the subject of an investigation of irregularities or other wrongdoing, SGX’s approval may be required for appointments of directors, chief executive officers and chief financial officers. The exchange’s right to take action against directors or key executive officers, such as public censure or objecting to their appointments to the boards of other issuers is also codified in this rule.

Another key amendment is requiring auditing firms appointed by the issuer to be registered with and / or regulated by Singapore’s Accounting and Corporate Regulatory Authority or an independent audit oversight body acceptable to SGX.

New Practice Notes have also been introduced to provide clarity on the wordings for responsibility statements, use of Right of First Refusal Agreements and submission of profit estimates, projections and forecasts.

Following consultation for the rule amendments, SGX also noted certain practical problems associated with implementing some of the proposed rules.

As such, the exchange said it will not proceed with requiring a Singapore resident independent director on the board of overseas principal subsidiaries. This is because the feedback highlighted the difficulty of sourcing for independent directors to serve on the boards of principal subsidiaries that operate in jurisdictions unfamiliar to a Singapore resident.

To have better control and oversight of overseas subsidiaries, SGX said it will require issuers to have a robust and effective system of internal controls. Disclosure requirements have also been imposed on issuers to announce whether the board of the issuer has appointed its directors to the board of the principal subsidiaries based in jurisdictions other than Singapore.

In addition, SGX said it will not proceed with requiring the appointment of a governance adviser as such a role is “too widely encompassing” to be managed by a single professional.

It added that such an appointment could also be “too demanding to impose on all newly-listed companies, including the well-governed ones.”

However, SGX said it retains the flexibility to require such an adviser on a “when-required” basis.

Saturday, September 10, 2011

WCS and friends Meet & Greet Session

Catch the young cast of Channel 8 drama On the Fringe at this live appearance. Edwin Goh, Kimberly Chia, Ian Fang, Elizabeth Lee, Phua Yida, Gabriel Lee and Justin Peng, who have since soared to meteoric stardom, will be there to thank their fans for their support. There will be photo-taking opportunities, and free postcards of the young stars will be given to all fans in the queue.

2pm to 4pm, Cathay Cineleisure Orchard.
Sunday - 11092011

Friday, September 09, 2011


Arrival Date: 10 September 2011, Saturday

Arrival Time: 6:00AM

Flight: JL035 (Japan Airlines)

Terminal 1 Changi Airport

Saturday, September 03, 2011

Strong SGX Trading Volume Growth in August

Securities and derivatives trading volumes at the Singapore Exchange (SGX) grew strongly in August from a year ago.

SGX said on Friday that turnover for securities increased 31 per cent year-on-year to S$41.4 billion, with a securities daily average value of S$1.97 billion.

Exchange traded fund turnover jumped 156 per cent from a year earlier to S$1.18 billion.

Structured warrants volume soared 189 per cent year-on-year to 5.2 million units.

Total volume for derivatives increased 53 per cent year-on-year to 8.1 million contracts, with a derivatives daily average volume of 360,282 contracts.

China A50 futures trading rose 31 per cent from July to 301,133 contracts, while MSCI Taiwan futures volume was up 49 per cent from a year earlier to more than 2 million contracts. Nifty futures volume was 80 per cent higher from a year earlier at 1.48 million contracts.

Volume of over-the-counter (OTC) commodity contracts cleared rose 29 per cent from a year earlier to 21,884 contracts.

Volume of Iron Ore Swaps cleared hit a new record high of 8,564 contracts, more than double from a year earlier.

Clearing of OTC Interest Rate Swaps continued to grow with a notional S$22 billion cleared in August, bringing the cumulative amount cleared since launch to S$164 billion notional.

Friday, September 02, 2011

SingPost Opens Second Regional Airfreight Hub

Singapore Post Limited (SingPost) has opened its second regional airfreight hub.

Located in Singapore’s Changi Airfreight Centre, the new SingPost Airmail Transit Centre (ATC) 2 will enable SingPost to handle higher volumes of international mail, packages, parcels and Speedpost items.

SingPost ATC 2 has an area of slightly more than 2,000 square metres.

Ng Hin Lee, CEO (Postal & Corporate Services), SingPost, said: “With this new ATC 2, we will have the additional capacity to handle higher traffic volume efficiently and expeditiously, resulting in faster and better service to customers.”

He added that the new facility will help SingPost meet the anticipated surge in shipment volumes at the end of the year, while supporting growth of e-commerce.

SingPost Thursday closed on the Singapore Exchange at S$1.050, compared with the previous close of S$1.060.

Thursday, September 01, 2011

Manchester United Picks Two-tier Singapore Listing

Manchester United football club chose Singapore over Hong Kong for an Asia float because of the city-state’s more flexible conditions and proximity to their passionate Southeast Asian fans, a source said Wednesday.

The English football champions are opting for a dual-share structure, which will allow the club’s owners ‒ the US-based Glazer family ‒ to stay in charge of key decisions, the source who is close to the planned listing told AFP.

Hong Kong ‒ the world’s biggest initial public offering market last year ‒ was the first choice for the Glazers, but exchange regulations there do not allow a two-tier structure, the source said.

“The rationale is because sports clubs are quite different from most companies,” said the source, who did not want to be named. “Allowing control ensures long-term decision-making and strategic planning. That structure is important for the successful operation of the club.”

The proposed dual-share structure will contain a block of shares with voting rights and one without, according to the source.

One of the advantages of such a structure is that it allows the owners to make quick decisions, such as on player transfers.

A listing in Singapore will also position the 19-times English champions closer to their fanatical supporters in Southeast Asia, where millions follow the club religiously, the source said.

“Singapore is nearer to Southeast Asia, where the fan base is more fervent. If you have it in Hong Kong, people may just construe China as ‘it’ but China is just part of the equation.”

Local media reports said Manchester United could raise US$1 billion from the IPO of 30 per cent of the club’s shares, which would value the company at more than US$3 billion.

United was ranked by business magazine Forbes earlier this year as the world’s most valuable football club, worth US$1.86 billion.

Analysts said the plans to list in Singapore did not come as a surprise.
“I suppose it’s not surprising they are looking to list in Asia,” said Matthew Gorman, the Singapore-based head of corporate with global law firm Stephenson Harwood.

“The levels of liquidity here in Asia are better at present than in Europe / US. They also recognise that Asia is where a lot of their fans are,” he told AFP.

Asia accounts for 190 million of the estimated 330 million United followers worldwide, and most of the club’s sponsors are based in Asia or generate a large part of revenue from the region.

Snaring United was a coup for Singapore, which has been in rivalry with Hong Kong as a regional financial centre.

Singapore Exchange’s chief executive Magnus Bocker said last week the city-state was a distinct market from Hong Kong, which offers a direct springboard into the vast China market.

“Hong Kong has been very successful in offering listings for companies that want to have a very Chinese focus, where you reach into China, and they’ve been very good at that,” Bocker was quoted as saying by Dow Jones Newswires.

“I think Singapore has a very strong offering for companies that want to be much broader, maybe reaching out to India, reaching out to Southeast Asia, but also reaching out to China…our offering is therefore broader in a different way.”