Singapore Exchange And Monetary Authority Of Singapore To Pool S$7.5 Million To Develop Securities And Derivatives Industry

Singapore Exchange Ltd (SGX) and the Monetary Authority of Singapore (MAS) today announced that they will jointly establish a S$7.5 million pool of funds for developing the securities and derivatives industry in Singapore. Half of the funding will come from the Financial Sector Development Fund (FSDF), administered by MAS, while the other half will be contributed by SGX. The exchange's contribution of S$3.75 million will be recognised in its current financial year.

The S$7.5 million will be used for raising investor awareness of Singapore's securities and derivatives markets and training of industry professionals. SGX and MAS will jointly establish a committee to identify and decide on specific projects to fund. Details will be disclosed later.

Mr Hsieh Fu Hua, CEO of SGX, said, "This initiative, which is a one-time joint effort with MAS, is part of SGX's long-term commitment to develop our marketplace."

Ms Teo Swee Lian, Assistant Managing Director (Development & External Relations) of MAS, said "This is a good initiative to support projects that will benefit the securities and derivatives industry as a whole. Over time, it will help in building a vibrant capital market and benefit both investors and the financial community alike."

Background

The S$7.5 million pool of funds may be used for the following:

1. projects that will raise the general awareness of the securities and derivatives markets amongst the investing public;
2. the development, training and upgrading of skills and expertise required by personnel in the securities and derivatives industry; and/or
3. such other projects as MAS and SGX jointly agree that would contribute to the development of the securities and derivatives industry.

The pool will be in place until the S$7.5 million has been fully utilised, or earlier by agreement between MAS and SGX.