Singapore Exchange said four Southeast Asian securities exchanges invited vendors to provide technology infrastructure for the Asean Trading Link, which it expects to launch toward the end of this year. The four exchanges are Bursa Malaysia, the Philippine Stock Exchange Inc., Singapore Exchange and the Stock Exchange of Thailand.
All of Chi-East’s initial participants — Instinet, Deutsche Bank (DBKGn.DE), Morgan Stanley (MS.N), Nomura and UBS (UBSN.VX)— have successfully matched trades on the platform, the firm said in a statement.
SGX says it has secured term loans of $3.8 billion and A$750 million ($952 million) for long-term financing facilities for the proposed ASX-SGX combination announced on 25 October 2010.
The funding comprises to be made available by Australia and New Zealand Banking Group, The Bank of Tokyo- Mitsubishi UFJ, Singapore Branch, DBS Bank, Oversea-Chinese Banking Corporation, United Overseas Bank and National Australia Bank.
The term loans of $3.8 billion and A$750 million ($951.8 million) will come from Australia and New Zealand Banking Group (ANZ.AX), Bank of Tokyo-Mitsubishi UFJ (8306.T), DBS Group (DBSM.SI), Oversea-Chinese Banking Corp (OCBC.SI), United Overseas Bank (UOBH.SI) and National Australia Bank (NAB.AX).
Singapore Exchange (SGXL.SI), Asia’s second-largest listed bourse operator, was one of the leading gainers, rising as much as 2.7% on plans to start all-day trading on March 1 and the potential US$6 billion ($7.7 billion) listing of Hutchison Whampoa’s port trust unit in Singapore.
Singapore Exchange (SGX) (SGXL.SI), Asia’s second-largest listed bourse operator, said on Wednesday it will launch the world’s fastest trading engine, called SGX Reach, on Aug 15 as it tries to compete with rivals.
SGX said last year that it would invest $250 million for the new trading infrastructure that will enable overseas customers to trade through the bourse at a lower cost.
At 9:35 a.m., Singapore Exchange was down 0.24% at $8.41 with 272,000 shares changing hands.
The house raises its fiscal FY12 average daily turnover assumption by 8% to $1.90 billion on expectations trading volumes will rise, “given increased interest in market developments in the U.S. and EU, and on the domestic front.”
Singapore Exchange (SGX) says volumes in derivatives, commodities and OTC clearing have grown strongly from a year ago.
Securities Market
Derivatives and Commodities Markets
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Singapore shares may fall slightly on Tuesday after Tokyo’s Nikkei share average opened 0.25% lower. Wall Street erased earlier losses and ended little changed overnight as investors shrugged off a surprise weekend interest rate hike by China’s central bank.
Singapore’s benchmark Straits Times Index <.FTSTI> rose 0.49% on Monday to 3,159.36 points. Here are some stocks and factors to watch:
Keppel Corp (KPLM.SI), the world’s biggest rig maker, may be in focus after it said late on Monday its offshore and marine unit had won contracts worth $240 million.
Singapore Exchange (SGX) (SGXL.SI) will try to push through its proposed US$7.8 billion ($10.1 billion) acquisition of Australian stock exchange ASX (ASX.AX) despite strong opposition in Australia, SGX CEO Magnus Bocker said in an interview with the Straits Times newspaper today.
“All the reactions that I have seen so far, I am not really surprised by,” Bocker told the Singapore paper.
Australia’s lawmakers, including Treasurer Wayne Swan, are still not convinced that Singapore Exchange’s bid for ASX is in the national interest.
The A$7.8 billion ($10.1 billion) offer for the nation’s main bourse yesterday won the approval of Australia’s competition regulator, overcoming one of several hurdles before getting the go-ahead. It still needs the support of Swan, the Foreign Investment Review Board, the Reserve Bank of Australia, the Australian Securities and Investments Commission, and parliamentarians, several of whom are opposed to the sale.
Singapore Exchange’ (SGXL.SI) US$7.8 billion ($10.1 billion) plan to buy ASX (ASX.AX) cleared a hurdle when the Australian competition regulator (ACCC) cleared it but the deal to create Asia’s fourth biggest bourse by volume still needs to navigate a political minefield.
The ACCC, which last month questioned whether the deal could stall the entry of competing trading platforms into Australia, concluded it would not impede competition.
Weekend Comment Jan 21: What’s in store for SGX?
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