Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Singapore Exchange Limited    SGXL   SG1J26887955

SummaryChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Singapore Exchange, Chi-X To Shut Dark Pool JV Due To Weak Volumes

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/10/2012 | 01:55pm CET

-- Dark pool venture setback comes one year after Singapore Exchange's failed bid for ASX Ltd.

-- Chi-East to close trading operations on May 24

-- SGX seeking to grow business through new product offerings

(Recasts introduction, adds background and details throughout)

By Sam Holmes

Of

Singapore Exchange Ltd. (S68.SG) and Chi-X Global Inc. Thursday said they will close their dark pool joint venture, Chi-East, due to weak volumes, less than two-years after its launch.

The closure is the latest setback for the city-state bourse's efforts to boost trading volumes and its profile as a global listing platform and comes just more than a year since its A$8.2 billion attempt to buy ASX Ltd. (>> ASX Ltd.), the operator of the Australian stock exchange, was blocked by Australia's foreign investment regulator.

"We weren't able to get to a point today where we were able to be commercial," Chi-East Chief Executive Ned Phillips told Dow Jones Newswires.

"In Asia, dark pool volumes are always a small part of the larger market as a whole but like anything in a market with lower volumes, it does make it harder."

Phillips said the 50-50 joint venture's last day of trading will be May 24.

Chi-East was launched in 2010 as part of the Singapore Exchange's bid to boost liquidity through trading of selected Singaporean, Hong Kong, Japanese and Australian securities on a dark pool platform - an electronic trading venue where money managers trade large blocks of shares anonymously. The platform reported a trading value of US$71.06 million for the three months ended Oct. 31.

Since his appointment in late 2009, Singapore Exchange Chief Executive Magnus Bocker has sought to grow the bourse's business both inorganically through the failed ASX acquisition bid and through new product offerings.

In 2010, SGX launched a S$250 million investment in its trading network technology to increase transaction speeds and in August it removed the lunch-time trading break to increase daily trading volumes.

Additionally, the exchange has sought to lure higher profile international listings with mixed results. Hong Kong billionaire Li Ka-Shing's Hutchison Port Holdings Trust (NS8U.SG) raised US$5.5 billion in Singapore's largest initial public offer early last year but Singapore has otherwise struggled to compete with Hong Kong as the key listing venue in Asia for global corporates.

According to data provider Dealogic, Singapore saw a total of US$7.6 billion in fund-raising via IPOs in 2011. By comparison, Hong Kong saw US$36.1 billion in fund raising last year including a US$10 billion IPO by Glencore International Plc. (0805.HK) in May and a US$2.1 billion offering by Chow Tai Fook Jewellery Group Ltd. (1929.HK) in December.

Chi-East was also part of Chi-X Global's efforts to grow its business throughout Asia Pacific. It operates trading platforms around the world and owns Chi-X Canada, Chi-X Japan, Chi-X Australia and the Chi-Tech technology product and services unit.

-By Sam Holmes, Dow Jones Newswires; +65-6415-4157; samuel.holmes@dowjones.com

Stocks mentioned in the article : ASX Ltd.
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on SINGAPORE EXCHANGE LIMITED
12/05 SINGAPORE EXCHANGE : SGX strengthens its Fixed Income businesses with a new lead
12/05 FEDERAL NATIONAL MORTGAGE ASSCTN FNN : Fannie Mae Announces Listing of Connectic..
12/02 SINGAPORE EXCHANGE : SGX’s revised Minimum Trading Price rule receives str..
12/01 SINGAPORE EXCHANGE : Straits Times Index (STI) quarterly review
12/01 YUEXIU PROPERTY : to delist from SGX-ST on 3 March
11/28 SINGAPORE EXCHANGE : SGX named “Asia Exchange of the Year” at Energy..
11/28 SINGAPORE EXCHANGE : Securities Trading Limited Suspends Trading of Shares in IS..
11/26 SEMBCORP INDUSTRIES` : first S`pore solar energy project to be operational by ye..
11/21 ISR CAPITAL : appoints executive chairman
11/18 FINTECH : 7 ways Singapores central bank (MAS) is turning the country into a fin..
More news
Sector news : Financial & Commodity Market Operators - NEC
10:25aDJStocks Continue On Track for Weekly Gains
12/08DJPostelection Rally Lifts Stocks to New Heights
12/08 INTERCONTINENTAL EXCHANGE : ICE told to speed up investigations on U.S. futures ..
12/06DJHeads of J.P. Morgan, Bank of America Say FICC Stronger
12/02DJNASDAQ : Judge Grills Futures Trader on 'Suckers' Email
More sector news : Financial & Commodity Market Operators - NEC
News from SeekingAlpha
10/28 New Asia Pacific Ex-Japan REIT ETF Shines Light On An Important But Under-Ind..
Advertisement
Financials ( SGD)
Sales 2017 839 M
EBIT 2017 421 M
Net income 2017 356 M
Finance 2017 617 M
Yield 2017 3,98%
P/E ratio 2017 22,18
P/E ratio 2018 20,37
EV / Sales 2017 8,72x
EV / Sales 2018 8,18x
Capitalization 7 930 M
More Financials
Chart SINGAPORE EXCHANGE LIMITED
Duration : Period :
Singapore Exchange Limited Technical Analysis Chart | SGXL | SG1J26887955 | 4-Traders
Full-screen chart
Technical analysis trends SINGAPORE EXCHANG...
Short TermMid-TermLong Term
TrendsBullishBearishNeutral
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 18
Average target price 7,74  SGD
Spread / Average Target 4,6%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Boon Chye Loh Chief Executive Officer & Director
Muthukrishnan Ramaswami President
Choon Seng Chew Chairman
Timothy Utama Chief Operating & Technology Officer
Lay Chew Chng Chief Financial Officer
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
SINGAPORE EXCHANGE LIM..-3.25%5 568
CME GROUP INC34.98%41 499
INTERCONTINENTAL EXCHA..16.02%35 419
HONG KONG EXCHANGES AN..-2.48%30 773
INTERACTIVE BROKERS GR..-11.70%16 080
DEUTSCHE BOERSE AG-7.56%15 725
More Results