MAS: Annual report 2006 / 2007
	CONTENTS HOME   ENTERPRISE: Our Role BUILDING ON A ROBUST MACROECONOMIC ENVIRONMENT DEVELOPMENTS IN THE SINGAPORE SECURITIES MARKET FOSTERING A SOUND & REPUTABLE FINANCIAL CENTRE RISK MANAGEMENT & INFRASTRUCTURE GROWING SINGAPORE AS AN INTERNATIONALLY COMPETITIVE FINANCIAL CENTRE CURRENCY ORGANISATIONAL INITIATIVES		GROWING SINGAPORE AS AN INTERNATIONALLY COMPETITIVE FINANCIAL CENTRE 34 Asset Management 34 Box 7 - Emerging Clusters In Singapore’s Financial Services 35 Active Trading in the Equities and Derivatives Market 37 Leading Real Estate Investment Trusts Market in Asia 38 Shipping Trusts Seek Singapore Listing 38 Infrastructure Finance Taps the Capital Markets< /td> 38 Box 8 - Regulatory Oversight Of Commodity Futures 38 Growth in Collateralised Debt Obligations Market 39 Growth in Over-the-Counter Commodity Derivatives     Central Counterparty Clearing Activity 39 Box 9 - Listing Of Pioneer Exchange Traded Funds 39   Infrastructure Finance Taps the Capital Markets The World Bank estimates that infrastructive needs in developing East Asia are expected to reach US$200 billion per annum between 2006 and 2010. To fund this, private sector investment is needed to complement public sector expenditure. Singapore, as the leading infrastructure player and financing centre in Asia, is well-placed to contribute to the growing needs for infrastructure financing within the region. In February 2007, the first infrastructure trust in Asia was listed on the SGX, creating a new asset class in the Singapore market. Infrastructure trusts, which are structured as business trusts under the Business Trust Act, give investors exposure to income stream from regional infrastructure assets. Singapore’s first infrastructure bonds backed by gas and water utilities assets were also issued on the back of this transaction. Singapore now has a range of long-dated debt capital market instruments to help investors with long-dated liabilities manage their risks, including the successfully auctioned 20-year Singapore Government Securities.