Time to stop blaming SGX, look beyond it

The Singapore Exchange Centre in Shenton Way.
The Singapore Exchange Centre in Shenton Way.PHOTO: ST FILE
The Singapore Exchange Centre in Shenton Way.
The Singapore Exchange Centre in Shenton Way.PHOTO: ST FILE

Since joining the securities industry in 1993, I've heard people complain about how dull and moribund the Singapore stock market is, usually blaming the regulators.

The authorities have tried to address this. Over the past 26 years, Singapore Exchange (SGX) has had multiple chief executives, tried dual and foreign listings, loosened listing requirements, reduced commissions, lengthened trading hours, removed and re-instated lunch breaks, and so on. Nothing has worked. The Singapore market remains frustratingly uninteresting.

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A version of this article appeared in the print edition of The Sunday Times on December 22, 2019, with the headline 'Time to stop blaming SGX, look beyond it'. Subscribe