Chinese Backers Planning Singapore's Third Derivatives Exchange

Comments: There should be another equities exchange to challenge the dominance of SGX. It is good for industry not to have monopoly given the many mis-steps and backtracking from SGX of late.

Singapore may be set to get a third derivatives exchange, this time backed by China.

If the new bourse, which would be called Apex, goes ahead, it would be operated by Asia Investment Pte, according to people with knowledge of the matter. Asia Investment is majority-owned by former China Financial Futures Exchange and Dalian Commodity Exchange chief Eugene Zhu Yuchen, with a minor stake held by the firm of hedge fund manager Ge Weidong, according to corporate records in the city-state.

Apex would be a potential challenger to Intercontinental Exchange Inc. and Singapore Exchange Ltd., which already operate bourses in the city. A Chinese-backed offshore exchange would dovetail with Beijing’s drive to raise the country’s status in global financial markets and bolster the presence of its companies around the world. A mainland firm is seeking to buy the Chicago Stock Exchange, while the Shanghai Stock Exchange is reportedly close to acquiring a stake in Pakistan’s national bourse.

Link: Chinese Backers Planning Singapore's Third Derivatives Exchange