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< /span> 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   Shipping Trusts Seek Singapore Listing Singapore was the first Asian country to introduce the Business Trust regime in January 2004. Business trusts are business enterprises structured as trusts, as opposed to a corporate structure. Unlike a company, which can only pay dividends out of accounting profits, a business trust may declare and pay distributions to its unit holders out of its operating cash flows, making it an especially attractive structure for businesses with stable growth and cash flows. In 2006, Singapore saw the listing of the world’s first shipping trust based on the Business Trust regime. By May 2007, there were three listed shipping trusts with a combined market capitalisation of S$1.5 billion.