Singapore Exchange (SGX)

[Temperament]

Angmo boss memory very short... he odd to be as he is not responsible for all the wipeout in S chips. However, many investors will remain very wary. Anyway, unless you are find new suckers, his strategies is going to find the going tough...

Singapore Exchange chief executive Magnus Böcker says he is unlikely to make a second run at a merger with the ASX, and will instead focus on China after Singapore became just the second place able to have Chinese companies list directly on its exchange.

This is a market trend. Mr. Böcker is doing a right thing for SGX. What else he should do are to improve the vetting process and regulation, among other things, IMO.

I am cautiously optimistic as vested shareholder, as well as a retail investor of SGX.

If no extradition treaty, all safeguards are paper exercises. when there is extradition treaty, enforcement is another issue. If we want CEOs of S-chips pledge some of their assets in Singapore in safeguard, do you think it will work? SGX is not the only exchange you know...

So, bringing in quality S-chips, in terms of size and track records, would be important, but would SGX care? Even if they care, quality s-chips have the option of listing in Hong Kong, which gave better valuation, or the rest of the world. What does singapore has?

Improve retail participation. I dun know how to do it, but Singapore has one of the largest wealth management business, but why is retail participation so miserable? Can you imagine if you have half the singaporean talking about equities as you have talking about property.

Raise profile of SMEs of Singapore. I also don't know how to do it.

Most people I met, when They know I invest in shares, either think I very smart (I think so too, ahahahah ) or that I am a gambler (I also agree LOL ), but hey, almost anyone talk about getting a private property. Talk about leverage, who is the gambler?

I am interested in SGX though, on my watchlist.

"Most people I met, when They know I invest in shares, either think I very smart (I think so too, ahahahah ) or that I am a gambler (I also agree LOL ), but hey, almost anyone talk about getting a private property. Talk about leverage, who is the gambler?"
Unquote:-
Ha! Ha!
Very good!
i think that's what almost all those who don't invest in stocks think of me too.
A gambler (and perhaps stupid too, not smart like you lah).
Cheers!

[CityFarmer]

If no extradition treaty, all safeguards are paper exercises. when there is extradition treaty, enforcement is another issue. If we want CEOs of S-chips pledge some of their assets in Singapore in safeguard, do you think it will work? SGX is not the only exchange you know...

So, bringing in quality S-chips, in terms of size and track records, would be important, but would SGX care? Even if they care, quality s-chips have the option of listing in Hong Kong, which gave better valuation, or the rest of the world. What does singapore has?

Would SGX care? I am not sure, with a conflict of its interest. If the IPO approval is done by a separate entity as in HK, may be the odds will be better. If not, than it will be caveat emptor.

What does Singapore has? Well, you might not aware the economic value of a yuan offshore center in this region, especially during a recent time of reform in China...

(vested, thus might bias)

[greengiraffe]

No relief yet to IPO drought: bankers
But more privatisations likely, with upcoming trust listings featuring new types of assets
BYANDREA SOH
[email protected] @AndreaSohBT

Walking away: Lotte Shopping Co Ltd has delayed a US$1 billion Reit listing due to unfavourable market conditions. - PHOTO: BLOOMBERG
'The IPO market has been relatively quiet . . . due to market volatility and . . . a mismatch in valuation expectation between issuers and investors.'
- DBS head of capital markets Tan Jeh Wuan

[SINGAPORE] The drought in the initial public offering (IPO) market looks set to continue for a while more, with the recent two listings of PACC Offshore Services Holdings and QT Vascular providing only temporary relief.
Meanwhile, the privatisation wave might spread, as interest by current owners in diversifying their stake or selling their businesses picks up, said investment bankers.
"This quarter may be a little quiet, and in the second half of the year, we will see more activity. Some of the companies in preparation are not ready to tap the market," said OCBC head of corporate finance Tay Toh Sin.
Listings of real estate investment trusts (Reits) have dived this year as investors turn from yield income towards capital growth.
Institutional investors have moved out their allocation for yield-driven stocks, and the lower popularity of Reits among investors has led to the IPO market slowdown in the first quarter, said HSBC head of Southeast Asia equity capital markets Matthew Song.
Trust listings, and in particular that of Reits, have dominated the Singapore Exchange (SGX) in recent years, with seven contributing 79 per cent, or US$4.09 billion, of the total US$5.2 billion raised in the Singapore IPO market last year, Dealogic data showed.
So far this year, there has been only one. The OUE Commercial Reit, which raised $346.4 million in the first Singapore IPO this year, has been trading underwater since listing at 80 cents a share.
A smaller appetite for Reits, a volatile market and more demanding investors have also contributed to the flat IPO market after January, when four companies were floated.
"The IPO market has been relatively quiet in the first quarter of this year due to market volatility and also a mismatch in valuation expectation between issuers and investors, causing some deals to be deferred," said Tan Jeh Wuan, DBS head of capital markets.
Lotte Shopping Co Ltd, the largest shopping mall owner in South Korea, confirmed reports last week when it said that it was delaying a US$1 billion Reit listing due to unfavourable market conditions. It may reconsider IPO plans if market conditions improve, but is now looking at a sale-and-leaseback deal through a Korean public real estate fund as an alternative, Reuters reported.
Trust listings that are expected to come to the market in the next few months will feature new types of assets, marking an evolution in the trust market here.
Larsen and Toubro, one of India's largest construction firms, is said to have started its pre-marketing exercise to gauge investor demand for a US$800 million listing of its toll roads.
It has yet to fix a date for the IPO launch partly because of ongoing elections in India, the results of which may affect the listing. The firm received approval from the SGX late last month, and will have to list the trust within three months.
Keppel Telecommunications and Transportation (T&T) has also indicated plans to list a $500 million data centre trust. Despite the departure of several senior executives in recent weeks, including its CEO Pang Hee Hon, this has not changed, the firm said in response to a Business Times article on the resignations last Thursday.
For these new types of trusts to succeed, the quality of the assets, the reputation of the sponsor and the education process will be critical, said bankers.
"Business trusts and Reits that have a good portfolio of assets with a reputable sponsor will generally be well received," said UBS head of investment banking Choo Oi Yee. "As the issuers diversify in terms of subsectors, it will be key to educate the market about these new subsectors."
Looking ahead, there may be more asset portfolios from India, or even Europe, in trust listings, she added.
Another IPO that is expected to come in the second quarter is a $600 million hospitality Reit by Frasers Centrepoint, the property development and investment company that spun off from Fraser and Neave.
Despite muted demand, new trust listings can still be successful with the right structure and target investors, said HSBC's Mr Song.
"The key is to target institutional investors who will focus on the asset quality, stability of dividend flows and total return expectations of the trust," he said. "Importantly, having the right debt structure will also help with the success of trust listings as institutional investors prefer trusts with a longer debt tenor amidst a rising rate environment."
In the meantime, privatisation deals, which have involved mainly property companies so far, may pick up in other sectors.
Said OCBC's Ms Tay: "I won't say (the privatisation action) is just limited to property. (The companies) look at it, and if they're not getting a lot of bandwidth from the listing status and are being undervalued by investors, (they would think) it probably is better to privatise it."
In recent months, CapitaMalls Asia, Singapore Land and Chemoil Energy have received takeover bids to delist the firms from SGX. Offers have also been made for hospitality firms Hotel Properties and LCD Global Investments as well as Olam International, which may be taken private if the public float falls below 10 per cent.
Access to inexpensive debt means more such privatisation offers may come.
"Companies that have a view that the market is not valuing its equity at a fair multiple have been encouraged to consider selling or privatising, especially with the availability of liquidity - both bank financing as well as other sources of capital such as private equity funds," said UBS's Ms Choo.

[greengiraffe]

PUBLISHED MAY 21, 2014

SGX looks to cut dependency on domestic volumes

It is tying up with Clearstream to start new collateral management service

BYKENNETH LIM
[email protected] @KennethLimBT

SINGAPORE Exchange (SGX) is looking to reduce its dependency on trading volumes by partnering with Clearstream to begin a new collateral management service in 12 to 18 months - PHOTO: REUTERS
SINGAPORE Exchange (SGX) is looking to reduce its dependency on trading volumes by partnering with Clearstream to begin a new collateral management service in 12 to 18 months.
Following a letter of intent signing in September 2013, SGX and securities depository Clearstream are now working to create a new business unit in Singapore to help institutions and members better allocate resources between the clearing house and their balance sheet, SGX head of post-trade services Nico Torchetti said at a press briefing yesterday.
The new unit still requires regulatory approval to be set up.
Clearstream chief executive Stefan Lepp said the service will initially be targeted at managing domestic collateral requirements, but could eventually allow cross-border collateral management if Singapore and other jurisdictions agree on mutual collateral recognition.
Currently only about 15 per cent of collateral used for derivatives positions in Singapore are non-cash, and all of the collateral used for securities trades are in cash, Mr Torchetti said.
With about $200 billion floating in the Singapore high-grade fixed income market that is virtually untapped for collateral, there appears to be room for more efficient deployment of companies' balance sheets for collateral purposes, Mr Torchetti said.
Clearstream chief executive Stefan Lepp reckoned that his company's system could help to raise that proficiency. He added that the prospect of rising interest rates means that cash could become too expensive to be used as collateral in the next few years, and it is important for big market players to begin laying the foundations for addressing that risk.
Collateral management has traditionally been viewed as an ancillary service to trading, but Mr Torchetti believes it has the potential to be a new, independent source of revenue.
"One of my main goals is really, from an SGX point of view, to start an independent revenue stream within the post-trade environment outside of a direct dependency of what's traded on the exchange," Mr Torchetti said.
"At the moment, if our SDAV (securities daily average trading value) is up, then naturally more things will get cleared and settled, and therefore my post-trade revenue is up. If it's the opposite, then it's down. So this dependency I think is not healthy in any given business."
Beyond collateral management, SGX could consider growing the securities borrowing and lending market to reduce its dependency on daily traded securities volumes, Mr Torchetti said.

[CityFarmer]

SGX is consulting the public on the proposal.

(vested)
----------
Singapore Exchange (SGX) is consulting the public on its proposed regulatory framework for secondary listed companies on the exchange.

Under the current framework, SGX reviews the legal and regulatory requirements of the primary listing venue or “home exchange” for each company from a jurisdiction new to the exchange.
With the proposed framework, SGX aims to:
 Make clear the regulatory oversight SGX has on secondary listings i.e. reliance is placed on the regulator of the jurisdiction of the exchange where the company has its primary listing, also known as the company’s home exchange.
 Provide greater clarity on the methodology SGX applies for its regulatory review of secondary listing applicants
The proposed framework comprises:
 Classification of a secondary listing applicant into either a company from a Developed market or from a Developing market. Whether a market is deemed Developed or Developing will be based on classification by both MSCI and FTSE which takes into account, among others, the overall robustness and maturity of the legal and regulatory regimes of the market. More information on the MSCI and FTSE classifications can be found at www.msci.com and www.ftse.com.
 Where a company is from any of the 23 Developed Markets, SGX will not impose additional continuing listing obligations.
 If a company is from a Developing Market, additional continuing listing obligations may be imposed to enhance shareholder protection and corporate governance standards.
SGX also intends to help investors more easily differentiate between secondary- and primary-listed companies in the Singapore stock market. For example, SGX will clearly segregate between these companies when their stock information is displayed on our website.

http://infopub.sgx.com/FileOpen/20140604...eID=300122

[orangetea]

I have a point to make and probably critise about the electronic platform being opaque...

As you can see in GK Goh the buy queue is 0.

So i submitted a buy order, yet it remains 0.

[Image: attachment.php?aid=905]

Hence, i wonder whose jurisdiction it is to maintain and regulate the submission of buy/sell orders.

Also, there are times when i observe the use of Algorithmic trading.
The point is, is it fair when the platforms remain invisible to the buyers and sellers and will SGX's regulatory dept regulate this (especially the above example... ZERO buyers?)

p.s. there is no halt on GK Goh counters.

[CityFarmer]

I have a point to make and probably critise about the electronic platform being opaque...

As you can see in GK Goh the buy queue is 0.

So i submitted a buy order, yet it remains 0.

Hence, i wonder whose jurisdiction it is to maintain and regulate the submission of buy/sell orders.

Also, there are times when i observe the use of Algorithmic trading.
The point is, is it fair when the platforms remain invisible to the buyers and sellers and will SGX's regulatory dept regulate this (especially the above example... ZERO buyers?)

p.s. there is no halt on GK Goh counters.

I don't know the reason, but I may be able to produce a likely possibility

We need to note the refresh rate of your tool, in this case, POEM 2. BTW, I notice the refresh rate is static, rather than streaming, may be the reason?

It seems that SGX is always the easy target for frustrations, rather than the broker tool.

(vested)

[corydorus]

Is this POEM 2.0 ? I don't see this problem in my Standard POEM interface.

[ghchua]

I think this is a problem with the POEMS platform when there is no trade on the counter. Apparently, the best buy/sell offer on the queue was not reflected. I suggest you use another platform to monitor the price of GK Goh.

[CityFarmer]

Is this POEM 2.0 ? I don't see this problem in my Standard POEM interface.

May be it is configured as steaming, rather than static (manual refresh needed).

I am using it, and so far no similar issue too.