Singapore Exchange (SGX) today announced that Asia Converge Pte Ltd, its joint venture with DBS Vickers Securities and OCBC Securities, will cease operations on 30 September 2003. The Company provides outsourcing services for brokers' back office operations. The closure of Asia Converge will not have a significant financial impact on SGX.
The Company was unable to generate a sufficient volume of business to keep it going, and the partners therefore decided to cease Asia Converge's operations.
DBS Vickers Securities and OCBC Securities will resume their own back office operations and are confident there will be no impact on their customers.
