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Singapore – Regulatory Developments

Singapore – Regulatory Developments. Presented by Mohammad Nizam Deputy Director and Head, Market Conduct Policy Division Monetary Authority of Singapore Date 10 Aug 2005. Market Overview: SGX-DT. equity index futures/options, interest rate futures, single stock futures. Products.

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Singapore – Regulatory Developments

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  1. Singapore – Regulatory Developments Presented by Mohammad Nizam Deputy Director and Head, Market Conduct Policy Division Monetary Authority of Singapore Date 10 Aug 2005

  2. Market Overview: SGX-DT equity index futures/options, interest rate futures, single stock futures Products Volume Top 5 Contracts Nikkei 225, MSCI Taiwan Index, Euroyen, MSCI Singapore, and Mini Japanese Government Bonds

  3. Market Overview: Other Recognised Markets Bloomberg Tradebook NYMEX Brokertec USA LLC IPE London Ltd CME Inc Tradeweb Europe Ltd Euronext Paris SA Brokertec USA LLC Marketaxess Europe Garban LLC

  4. Market Overview: OTC Derivatives Market • Daily Average turnover of USD 17 billion • 2nd largest market in Asia • 12th largest market globally

  5. Regulatory Objective: Fair, Efficient Market and Sound Infrastructure Principles: Business Friendly, Promoting Growth

  6. Regulatory Developments 1) Enhancing the Regulatory Framework 2) Regulation of Commodities Futures and OTC Derivatives 3) Infrastructure Developments

  7. MAS Before • Approval Regime: “No” till MAS says “Yes” • “Clearing and settlement” not defined • Lower cost • Start Biz Faster MAS After 1) Enhancing the Regulatory Framework Designation Approach for Clearing Facilities • Definition of “clearing and settlement” includes entire value chain • Designation Regime: Risk Based. Default “Yes”; MAS only designates and regulate when necessary

  8. Approved Exchange Approved Exchange ReTS (assumes certain biz models) RMOs (allows new biz models and regulatory flexibility) 1) Enhancing the Regulatory Framework Classification of Markets Before: After:

  9. MAS -SFA IE Sg -CTA Commodities Futures 2) Keeping an Eye on … • Commodities Futures • OTC Derivatives Market: Not regulated. Will there be a need in the future? Clearing and Settlement: How are we to regulate clearing members?

  10. 3) Infrastructure Development • Move to pit to E-trading - SGX Quest (integrated trading engine) • Facilitates audit trail

  11. Thank You

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