Singapore Exchange Ltd To Launch Singapore's First Indigenous Exchange Exchange Traded Fund

Singapore Exchange Ltd (SGX) last week announced that it intends to sign a memorandum of understanding (MOU) with State Street Global Advisors (SSgA) to develop Singapore's first indigenous exchange traded fund (ETF). This new ETF will list and trade on SGX Securities Trading (SGX-ST) by the first half of 2001.

Mr Thomas Kloet, SGX CEO said, "This announcement is consistent with SGX's objectives of introducing innovative and exciting products into the marketplace. This ETF will serve as a catalyst for the development and listing of other local and regional ETFs at SGX."

Mr Nicholas A. Lopardo, CEO of SSgA and Vice Chairman of State Street Corporation, said: "We are extremely pleased to be given the opportunity to apply our experience as the world leader for ETFs to enhance investor choice in Singapore."

Mr Hon Cheung, Managing Director of SSgA Singapore, commented, "We are excited with the prospect of working with the SGX to develop instruments that enable investors to gain broad, cost-effective exposure to Singapore equities."