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 newsTweets 

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
02/16 SINGAPORE EXCHANGE : SGX welcomes Pacific Star Development Limited to Catalist
02/15 SINGAPORE EXCHANGE : Aramco holds talks with Singapore Exchange
02/14 SINGAPORE EXCHANGE : A record of 85 teams took part in NUS-SGX Stock Pitch Compe..
02/14 Sino Haijing (1106) to buy stake in lifestyle furniture firm
02/08 Canada's TMX seeks part of Saudi Aramco listing
02/07 Singapore in Saudi Aramco flotation talks
02/02 BAJAJ AND INVESTMENT : BSE to list on NSE on February 3, 2017
02/02 SINGAPORE EXCHANGE : SGX partners NUS in Stock Pitch Competition for students to..
01/25 SINGAPORE EXCHANGE : SIAS appoints Magnus Bocker as honorary chairman
01/25 SINGAPORE EXCHANGE : Magnus Bcker appointed SIAS chairman
More news
Sector news : Financial & Commodity Market Operators - NEC
02/16DJASX : First-Half Profit Rises as Markets React to US Election
02/16 LONDON STOCK EXCHANGE : Deutsche Boerse CEO denies insider trading allegations
02/11 LONDON STOCK EXCHANGE : EU finance chief says UK faces disruption after Brexit
02/10 LONDON STOCK EXCHANGE : Deutsche Boerse warns against hasty changes to U.S. bank..
02/09 LONDON STOCK EXCHANGE : issues ESG guidelines for listed companies
More sector news : Financial & Commodity Market Operators - NEC
News from SeekingAlpha
01/19 Singapore Exchange Ltd. ADR 2017 Q2 - Results - Earnings Call Slides
2016 New Asia Pacific Ex-Japan REIT ETF Shines Light On An Important But Under-Ind..
Advertisement
Financials ( SGD)
Sales 2017 829 M
EBIT 2017 418 M
Net income 2017 359 M
Finance 2017 617 M
Yield 2017 3,88%
P/E ratio 2017 22,55
P/E ratio 2018 20,83
EV / Sales 2017 9,07x
EV / Sales 2018 8,53x
Capitalization 8 134 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
TrendsBullishNeutralNeutral
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 7,82  SGD
Spread / Average Target 3,0%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Boon Chye Loh Chief Executive Officer & Director
Muthukrishnan Ramaswami President
Chong Seng Kwa Chairman
Lay Chew Chng Chief Financial Officer
Mun Leong Liew Independent Non-Executive Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
SINGAPORE EXCHANGE LIM..6.01%5 738
CME GROUP INC6.30%41 611
INTERCONTINENTAL EXCHA..3.51%34 768
HONG KONG EXCHANGES AN..8.75%31 586
DEUTSCHE BOERSE AG7.40%17 058
INTERACTIVE BROKERS GR..5.97%15 875
More Results