SGX Restructures Business, FX Brought Under One Banner
Posted by Colin Lambert. Last updated: September 15, 2023
Singapore Exchange (SGX) has announced a new structure to its multi-asset offering, as it seeks to further scale the business across products and platforms.
With effect from1 October, all the exchange’s business lines, except for Indices, will be under the purview of Michael Syn in his new role as president and head of global markets division. The global markets division will cover all asset classes – equities, fixed income, currencies and commodities.
Lee Beng Hong will head a newly-formed wholesale markets & platforms business, which will see BidFX and MaxxTrader – bought by SGX last year -under the SGX FX banner. SGX says the move builds on “substantial” expansion beyond FX futures to include FX technology and workflow solutions. “This will allow us to achieve the twin objectives of developing our multi-asset offering and further scaling our geographical and client coverage,” SGX says.
Indices will be led by SGX CFO Ng Yao Loong, who will oversee the strategic development of the business, focusing on partnerships to augment its offering. SGX Indices will continue to build on Scientific Beta’s strengths in thought leadership, research and intellectual property (IP) creation, as well as iEdge’s proposition in driving AUM growth in structured products and ETFs, the exchange group says.
SGX adds it will leverage both its technological resilience and operational capabilities under Tinku Gupta who will be appointed as chief information officer overseeing technology and operations. She will work with head of operations and market services, Nico Torchetti, to enhance service delivery for existing customers and co-create new solutions to meet evolving expectations of retail consumers and institutional clients.
“As an exchange built on a strong foundation in securities and derivatives, SGX Group has over the years transformed to become a highly-valued multi-asset business for customers and partners around the world,” says Loh Boon Chye, CEO, SGX Group. “More and more global investors are turning to our trusted international marketplaces to invest and manage portfolio risk across asset classes. Our new structure will enable us to capitalise on the immense growth opportunities from rising capital flows into Asia.”