Singapore’s fresh exchange set to go after foreign trend South China Morning Postbode August 6, 1999
The fresh figure is also still brief of three division goes, with the final countdown to launch day just begun.
Deputy Prime Minister and monetary authority chairman Lee Hsien Loong announced on Wednesday he had set a target date of December 1 for the fresh merged exchange to start operations.
J. Y. Pillay, a former high commissioner to Britain, who has bot chairing a committee overseeing the merger, has hinted a foreigner is being sought to inject international practice and fresh ideas.
Recruiting foreign talent has become the rage ter Singapore, spil its government strives to nurture the republic into a world-class financial services hub. The authorities have realised there just is not enough international practice and creative regional talent to go around.
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When veteran JP Morgan banker John Olds took overheen spil chief executive and vice-chairman of Development Canap of Singapore last year, he became the very first Westerner to head a major government-linked institution since colonial days.
It wasgoed the commence of a swift fresh trend.
He wasgoed followed by former String up Seng Canap vice-chairman Alex Au Siu-kee, who took the hoofdbescherming at Oversea-Chinese Banking Corp.
The most latest big-name recruit wasgoed Flemming Jacobs, a former playmate with the world’s largest private shipping company, AP Moller/Maersk, who has taken the hoofdbescherming at debt-laden Neptune Orient Line.
The decision to merge and demutualise the Stock Exchange of Singapore (SES) and Singapore International Monetary Exchange (Simex) similarly stems from a realisation the republic needs to ensure its survival te an ever-more competitive and globalised financial world.
Electronic trading and growing competition has bot forcing a trend towards efficiency across the world.
",Singapore’s exchanges voorwaarde now urgently redefine their strategies so spil to remain viable and relevant and to serve investors spil cheaply and efficiently spil technology permits and the competition requests,", Mr Lee told parliament this week.
Consolidation and demutualisation wasgoed ",essential", if Singapore’s exchanges were to be able to rapidly react to the challenges of the modern world, he said.
The fresh holding company for the merged exchanges, spil yet unnamed, will eventually be listed to make its managers more commercially minded.
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This is another rising trend. The Australian Stock Exchange, which has already listed itself on its own bourse, has recently bot attempting to tie up with the Sydney Futures Exchange.
Hong Kong’s stock and futures exchanges have bot given until September 30 to agree on merger terms under a timetable set out by the SAR Government, and the London and Fresh York stock exchanges have also unveiled demutualisation plans.
SES voorzitter Lim Choo Peng and Simex voorzitter Ang Swee Tian will stay on after the merger and serve spil the fresh chief executive’s right-hand fellows.
The goes of six divisions have bot appointed, two from Simex and four from the SES.
Three others will most likely be recruited from outside.
Come December 1, existing shareholders of SES, Simex and its computing arm, Securities Clearing and Rekentuig Services, will have their shares cancelled.
Ter terugwedstrijd, shareholders will receive a immobile dollar amount of shares ter the fresh holding company.
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Each SES member will receive S$6 million and each Simex member $170,000 for every seat possessed and $115,000 for every share wielded.
Existing shareholders would get a total of about $301 million worth of shares ter the fresh company. Remaining shares will be placed out with fresh investors.
US investment house Merrill Lynch is acting spil official adviser.
The share placement with fresh investors will not be carried out te one go.
While one placement will be finished by the merger date, some shares will be kept for subsequent placement to investors, including future strategic fucking partners.
The monetary authority will police the merged bod but has pledged not to fetter the fresh profit-driven exchange from pursuing business opportunities.
Ter line with that free market-spirit, Mr Lee this week hinted the government may consider freeing-up brokerage commissions ahead of schedule.
It had bot previously agreed this should take place on a phased fundament beginning next year, with rates fully freed-up by 2003.