S68 - Singapore Exchange Limited

Singapore Exchange Limited1 (SGX) is a demutualized and integrated securities and derivatives exchange. The Company provides integrated clearing and settlement services, as well as central depository facilities. SGX offers a suite of securities and derivatives products via a global network of broking members. SGX's securities products, traded on an electronic screen-based system include business trusts, equities, exchange traded funds (ETFs), global depository receipts (GDRs), infrastructure funds, real estate investment trusts (REITs), warrants, and bonds, debentures and loan stocks.

Its derivatives products consist of a range of international risk management and trading instruments. SGX operates an over-the-counter clearing facility, SGX AsiaClear, for the clearing of oil and freight derivatives. In June 2007, Tokyo Stock Exchange acquired a 4.99% interest in SGX. In May 2007, SGX acquired a 5% stake in Bombay Stock Exchange.

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Summary

Established 1999
IPO Price SGD $1.10
Industry Stock Exchange
Profits (2008) $478.3 million (up 13.4%)
Website http://www.sgx.com

Key Ratios

Figure are expressed in ($million) [ Source: FY 2008 Annual Report ]

Year 2008 2007 2006 2005 2004
Revenue 769 576 408 275 316
Operating Profit 529 365 224 132 165

Management

Company Milestones

  • 1999 - Merger of SES and Singapore International Monetary Exchange, forming SGX.
  • 2002 - Launch of the first local Exchange Traded Fund (ETFs), the Straits Times Index Fund, and the first listed business and industry property Real Estate Investment Trusts (REITs)
  • 2005 - Partnered with Chicago Board of Trade (CBOT) to form JADE, an electronic commodity derivatives market.
  • 2007 - Acquired 5% Stake in Bombay Stock Exchange

Annual Reports

News

  • October 16, 2008 - SGX quarterly profit slides 35%2 - Derivatives to remain bright spot for SGX amid market meltdown: analysts. SGX yesterday reported a 35 per cent plunge in quarterly earnings, which did not surprise analysts, given the recent market rout. SGX posted a net profit of $84.5 million for the first quarter of fiscal 2009, compared with $130 million previously. The daily average trading value for the three months ended Sept 30 slumped 51 per cent to $1.27 billion.
  • October 4, 2008 - SGX's Hsieh Fu Hua to step down next year3 - Search for CEO's successor to start soon; board will consider candidates from within the management team and externally. The Singapore Exchange (SGX) will begin its search for a new chief executive after Hsieh Fu Hua indicated yesterday that he will step down next year.
  • October 4, 2008 - SGX board stemmed investment loss: CEO4 - Board members objected to SGX management's decision to continue investing some $150 million in hedge funds. A $150 million Singapore Exchange (SGX) investment in hedge funds could have been wiped out by today's financial crisis if not for the board's intervention, SGX chief executive Hsieh Fu Hua said at the company's annual general meeting yesterday.
  • September 17, 2008 - SGX's Hsieh gets $7.18 million salary -5 SINGAPORE Exchange (SGX) chief executive Hsieh Fu Hua was paid $7.18 million for the fiscal year ended June 30, 2008, a 12.5 per cent increase from the preceding year's $6.38 million. Mr Hsieh was paid a fixed salary of $754,068, a long- term incentive of about $1 million (from the second and final partial vesting of performance shares awarded in fiscal 2006) and $71,317 worth of benefits- in-kind.
  • January 10, 2008 - New Singapore stock index hitch frustrates traders -6

Miscellaneous Trivia

  • Singapore Exchange Limited is one of the few companies which publicly disclose the exact remuneration of their executives, rather than the traditional opaque classification into earnings band.

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