- Singapore Exchange (SGX)'s 1HFY23 (Jul - Dec 2022) core-PAT was in-line with MIBG/Street expectations. Its multi-asset derivative platform continues to deliver and offers a strong competitive moat in the current volatile markets backdrop. Cash equities may see slower conditions, but outlook is improving for listings going in to FY24E.
- - Read this at SGinvestors.io -
Derivatives continue to shine
- Equity derivatives saw a strong performance with improved fees per contract (+5% y-o-y). Higher fee-paying customers for the FTSE China A50 and Nifty 50 contracts contributed here. This continues to show the strength of SGX’s derivative franchise despite competition from North Asia.
- - Read this at SGinvestors.io -
- At the same time, Management is focusing on increasing the breadth of offerings with new pools of derivatives in areas such as electric vehicle supply chains.
- Continued global volatility, overhang of recession and North Asia re-opening should structurally drive derivative demand higher going forward, in our view.
Cash Equities uncertain. Opex management key
- Read more at SGinvestors.io.
