I remembered once attended a seminar whereby the speaker put out a thought-provoking question to the audience – if there could be only just one stock that you can buy, what would it be? The answer was subsequently revealed to be Singapore Exchange (SGX), as the speaker went on to explain that SGX earns clearing fees from investors when they buy and sell shares. In other words, SGX could profit from both purchases and sales trades no matter which directions the market was going. Furthermore being the sole exchange in Singapore, SGX gets to enjoy a monopolistic advantage on all transactions executed.  This got us intrigued, and we dug deeper to explore if there could be any elements of truth to the above statement. Declining Securities Trading Volumes Securities trading volumes in the