By BLOOMBERG
Loh Boon Chye
The Singapore Exchange (SGX) said on Monday it will combine its sales and products teams and consolidate its organisational structure into four units from a previous seven in an effort to improve efficiency.
Stock and bond listings, and trading and securities product sales will be consolidated under a unit called Equities & Fixed Income.
Rates, currencies, commodities and other futures contracts will be combined under a Derivatives section. A third group called Market Data & Connectivity will oversee technological solutions. The fourth area is Membership & International Coverage.
SGX announced on Dec 4 that market turnover had slumped 16% in November to S$19.4 billion (RM57.9 billion). The company said last month it will launch a new bond trading platform for institutional investors that will include a dark pool as it seeks new avenues of profitability.
“The exchange landscape is fast evolving and ever competitive and SGX must stay nimble to ongoing developments,” chief executive officer (CEO) Loh Boon Chye said in a statement. “The changes we are taking will create a simpler and flatter structure, making us more efficient and better equipped to take on challenges and opportunities.”
The new structure will also consolidate SGX’ international offices in China, Hong Kong, India, Japan and the UK under a single unit called Membership & International Coverage.
As part of the corporate reorganisation, president Muthukrishnan Ramaswami will take on greater responsibilities overseeing operations and technology businesses, Market Data & Connectivity, and Membership & International Coverage units.
Chew Sutat, currently head of sales & clients, will become head of equities & fixed income and report to CEO Loh Boon Chye.
Michael Syn will lead the expanded Derivatives unit and also report to Loh. Lawrence Wong will give up role of head of listings, and focus on his position as head of China business.
— By Christopher Langner
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