SPH, SGX and FTSE Russell open securities market with a bang, marking exchange's 20th anniversary
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Singapore Press Holdings chief executive Ng Yat Chung (third from left), FTSE Russell managing director (Asia) Jessie Pak (second from left) and Singapore Exchange CEO Loh Boon Chye (third from right) striking the gong at the IPO Arena at 9am on Sept 5, 2019.
ST PHOTO: KELVIN CHNG
SINGAPORE - Singapore Press Holdings (SPH), the Singapore Exchange (SGX) and global index provider FTSE Russell jointly opened the Singapore securities market Thursday (Sept 5) to commemorate the exchange's 20th anniversary.
SPH chief executive Ng Yat Chung, FTSE Russell managing director (Asia) Jessie Pak and SGX CEO Loh Boon Chye struck the gong at the IPO Arena at 9am. The gong is usually struck by companies to celebrate their public listings.
The ceremony also marked 12 years of the Straits Times Index (STI), an important partnership between the three parties.
SPH is also celebrating its 35th anniversary this year.
Mr Ng Kin Yee, SGX's head of data, connectivity and indices, said in his opening address: "The history of STI dates back half a century when tin, rubber and industrial stocks were the main indicators of how the Singapore stock market was faring.
"Under the tripartite partnership, we revamped the STI and developed a family of indices tracking a variety of sectors, themes and companies of different sizes that is more reflective of the market."
He added: "Today, the 30-constituent index serves as a key barometer of the Singapore equities market, covering sectors such as banks, real estate, telecommunications, energy; and, of course, the media and financial services businesses, represented by SPH and SGX."
The relevance of STI has also spurred the development of related investment instruments such as exchange-traded funds and other derivative products, Mr Ng noted.