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Crypto is starting to be like another Clob saga
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FTX founder Sam Bankman-Fried (centre) leaves a federal courthouse in New York, on Dec 22, 2022. The collapse of FTX has also hit local investors.
PHOTO: EPA-EFE
David Gerald
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The Securities Investors Association (Singapore) or Sias was born when a huge speculative segment of the local stock market known as Clob International – on which some 180 Malaysian stocks were traded over the counter – crashed spectacularly in 1998, leading to billions of dollars being lost by Singapore investors.
This occurred at the height of the Asian financial crisis, when the Malaysian government imposed capital controls on the ringgit, declared Clob to be an illegal market and ordered the migration of all Malaysian shares back to the Kuala Lumpur Stock Exchange, or KLSE.
