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.