SGX's current structure is built around its product groups. The new organisation will be developed around the exchange's principal customers - institutions, intermediaries, issuers and the retail market. The final structure will be designed to serve the various customer segments, remove duplication of operations and better meet customer needs.
As a result of this reorganisation, the exchange will reduce its number of staff from 741 to 674, and will make redundancy payments of about $3.5 million, all of which will be recognised in the current financial year.
In addition, outplacement services will be offered to all affected staff, and SGX will set up a hardship fund in which it will match voluntary staff contributions dollar for dollar.
Mr Hsieh Fu Hua, SGX CEO, said, "This exercise is a step further in creating a market-led, integrated exchange - a process which started with the merger and demutualisation of the stock and futures exchanges. With a more efficient structure, SGX will be able to reduce duplication and serve the market better. We look forward to building an SGX where people are passionate and market-responsive."
