SGX unveils new organisational structure

Bourse aims to build scale in multiple asset classes; president stepping down in October

SGX president Muthukrishnan Ramaswami will leave on Oct 1 after 12 years in the post.
SGX president Muthukrishnan Ramaswami will leave on Oct 1 after 12 years in the post.

The Singapore Exchange (SGX) unveiled a new organisational structure yesterday and also announced that president Muthukrishnan Ramaswami is stepping down.

Mr Ramaswami, who is a member of the executive management committee with direct oversight of a number of areas, will leave on Oct 1 after 12 years in the post.

Meanwhile, the new structure "capitalises on (the SGX's) strength as an international multi-asset exchange, to pursue growth opportunities and build scale in multiple asset classes", said the bourse.

It involves four newly configured units reporting to chief executive Loh Boon Chye from next Monday.

One of these combines fixed income, currencies and commodities to form a new business entity.

The SGX's wholly owned subsidiaries - the Baltic Exchange and the Energy Market - will report to this new unit, which will be led by Mr Lee Beng Hong.

Mr Lee, who has about 16 years of international banking experience, will join the SGX on Aug 1.

The bourse will also combine its cash equities and equity derivatives businesses into one platform.

This will allow retail and institutional clients to access a seamless range of equities products, including all trading, clearing, post-trade and research services.

The SGX will look to internationalise its cash equities segment by introducing new derivatives and structured products and offshore risk management capabilities.

Mr Michael Syn, head of derivatives, has been appointed as head of equities.

Another revamp involves renaming the market data and connectivity unit as the data, connectivity and indices unit, a move that recognises the SGX's data-related product and services.

Mr Ng Kin Yee will continue to lead this unit.

Consolidation is occurring in another area as well, with the global sales and origination unit combining the equities and debt capital market teams with the SGX's nine international offices and specialist sales teams.

The consolidation will give the bourse a bigger international presence to facilitate capital raising in key markets, the SGX said.

It will also create an integrated client-facing group that will serve all segments with SGX products and services across asset classes. Mr Chew Sutat, head of equities and fixed income, will head this unit.

"These changes will further SGX's future growth as a leading international exchange, fluent in multiple asset classes," said Mr Loh.

A version of this article appeared in the print edition of The Straits Times on June 28, 2019, with the headline 'SGX unveils new organisational structure'. Print Edition | Subscribe