SGX Creates New Structure, Names FICC Head

Singapore Exchange (SGX) has unveiled a new management organisation that the group says “capitalises on its strength as an international multi-asset exchange, to pursue growth opportunities and build scale in multiple asset classes”.

With effect from July 1, four business and client units have been created to report to SGX CEO Loh Boon Chye – fixed income, currencies and commodities; equities (cash & derivatives); data, connectivity and indices; and global sales and origination. The FICC business will be headed by Lee Beng Hong, who will join SGX on August 1 from Deutsche Bank where he was head of global markets, China. In the interim Chye will run the business.

SGX says that over the last decade its FICC businesses have been on a path of “considerable growth” and have now emerged as a “sizable set of asset classes” that will be combined to form a new business unit.

“The rising convergence of OTC and listed FX markets, coupled with our standing as Asia’s fastest growing and largest Asian FX Futures venue, presents us with opportunities to serve the market with innovative and differentiated products,’ SGX says. “Building on our leadership in Asian debt capital markets and growing traction of our bond trading business SGX Bond Pro, we are well placed to capture opportunities arising from the digitisation of the Fixed Income industry.”

It adds that in commodities it will continue to drive synergies between global trade and transport marketplaces. Baltic Exchange and Energy Market Company (EMC), both wholly-owned subsidiaries of SGX, will report into FICC as anchors to the physical market in the commodities value chain.

Michael Syn, currently head of derivatives at SGX, will become head of the larger equities business, while Ng Kin Yee will continue to lead the data, connectivity and indices business and Chew Sutat, currently head of equities and fixed income, will head the global sales and origination business.

“These changes will further SGX’s future growth as a leading international exchange, fluent in multiple asset classes,” says Chye. “We look forward to building new capabilities in growth areas, achieving scale and efficiency in established markets and enhancing customer-centric delivery of investment, risk management and capital formation solutions to the marketplace.”

Colin Lambert

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