SGX’s head of capital markets Matthew Song to depart: Sources
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Mr Song's departure departure comes at a time when Singapore is trying to revive its stock market that has been in a malaise for many years.
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Singapore - The Singapore Exchange’s head of capital markets Matthew Song is departing from the bourse, about a year after he took on the role following a revamp, according to people familiar with the matter.
Mr Song resigned this week and is expected to leave the company later in 2024, the people said, asking not to be identified discussing a private matter. Mr Koh Jin Hoe has been leading that business together with Mr Song.
An SGX spokesperson declined to comment.
Mr Song joined the bourse in 2018, according to his LinkedIn profile, and has worked on bond listings in addition to leading teams that cover corporate and buy-side clients. He became co-head of capital markets in 2023 when SGX merged equity capital markets with its debt capital markets and corporate client coverage divisions.
He previously worked at global banks including HSBC Holdings, where he was head of South-east Asia equity capital markets, as well as Deutsche Bank.
Mr Song’s departure comes at a time when Singapore is trying to revive its stock market which has been in a malaise for many years. The city-state set up a task force in August to look into ways to tackle poor liquidity and a dearth of new listings, and is set to submit a report within 12 months.
The SGX had only one new initial public offering so far in 2024, lagging behind other South-east Asian exchanges, according to data compiled by Bloomberg. Revenue from cash equities dropped by 2.1 per cent in its latest financial year and accounts for less than 30 per cent of total revenue, according to its earnings report, which also showed declines in the traded value of securities.
Fixed income, currencies and commodities were the key revenue drivers for the exchange. SGX shares have risen almost 10 per cent in 2024, outpacing gains in the country’s benchmark stock index.
SGX chief executive Loh Boon Chye said the bourse is pushing ahead with efforts that include increasing market participation and cross-border connectivity in the equities business. He said the firm will work closely with the task force. BLOOMBERG
