SGX president to retire as bourse restructures to boost growth

SINGAPORE — Singapore Exchange (SGX) president Muthukrishnan Ramaswami has decided to step down on 1 October after 12 years in the role, the bourse announced in a statement on Thursday (27 June).

Ramaswami, 62, joined SGX in 2010. He is a member of the executive management committee, with direct oversight of SGX Group's technology, operations, market data as well as connectivity and international coverage functions.

The SGX also announced a new organisation structure that capitalises on its strength as an international multi-asset exchange, to pursue growth opportunities and build scale in multiple asset classes.

From 1 July, four business and client units – fixed income, currencies and commodities; equities (cash & derivatives); data, connectivity and indices; and global sales and origination – will report to SGX chief executive officer Loh Boon Chye, the bourse said in a separate statement.

"These changes will further SGX's future growth as a leading international exchange, fluent in multiple asset classes," Loh said in the statement.

SGX will combine fixed income, currencies and commodities (FICC) to form a new business unit.

Lee Beng Hong, who will be joining SGX on 1 August, will head the new unit, with the CEO overseeing it in the interim. Lee has over 16 years of international international banking experience in global markets, specialising in Asian FICC products, sales and coverage.

SGX will also merge its cash equities and equity derivatives businesses into one platform that will allow retail and institutional clients access to a continuum of equities products, including all trading, clearing, post-trade and research services.

Michael Syn, currently head of derivatives, has been appointed as head of equities.

The exchange's market data and connectivity unit has also been renamed data, connectivity and indices (DCI) and Ng Kin Yee will continue to as its head.

Meanwhile, the global sales and origination (GSO) unit will combine the equities and debt capital market teams with SGX’s nine international offices and specialist sales teams. Chew Sutat, who is now head of equities and fixed income, will head GSO.