CONTENTS
HOME
OUR WORK - Managing Risks, Sustaining Growth
A MORE CHALLENGING POLICY ENVIRONMENT
MONETARY POLICY - PROVIDING AN ANCHOR FOR PRICE STABILITY OVER THE MEDIUM-TERM
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY
A SOUND AND PROGRESSIVE FINANCIAL CENTRE
CURRENCY
 
A SOUND AND PROGRESSIVE FINANCIAL CENTRE 28
 
Banking 28
 
Lower Paid-up Capital for Incorporated Wholesale Banks 28
 
Changes to Minimum Liquid Assets and Minimum Cash Balance Requirements (Amendments to MAS Notice 613) 29
 
Developments in Islamic Finance 29
 
Box Story 3 - Basel II Implementation in Singapore 30
 
Insurance 30
 
Enhanced Governance and Disclosure Framework for Participating Insurance Business (MAS 320) 30
 
Revision to Rules for Investment-Linked Products (MAS 307) 31
 
Follow Up on Framework for Insurance-Linked Securities 31
 
Capital Markets 31
 
A More Globalised and Sophisticated Equity Market 31
 
Size of Debt Market 32
 
Assets Under Management 32
 
Strong Treasury Market 33
 
Proposed Legislative Amendments to Securities and Futures Act and Financial Advisers Act 33
 
Amendments to the Singapore Code on Take-overs and Mergers 34
 
Box Story 4 - Guidelines on Fair Dealing -Board and Senior Management Responsibility for Delivering Fair Dealing Outcomes to Consumers 35
 
Thematic Approach to Market Conduct Supervision 35
 
Enhancing Market Discipline 36
 
Box Story 5 - Singapore: The Premier International Real Estate Financing Centre 36
 
REITS 37
 
Revised Property Fund Guidelines 37
 
Licensing Framework for REIT Managers 37
 
Extension of the Singapore Code on Take-overs and Mergers to REITs 37
 
Regulatory Oversight of Commodity Futures 38
 

Capital Markets

A more globalised and sophisticated equity market

As at end March 2008, there were a total of 770 companies with a combined market capitalisation of S$671 billion listed on SGX. This is an increase of 55 companies with a combined market capitalisation of S$98.5 billion compared to end March 2007. This included 153 companies with a market capitalisation of S$72 billion listed on Catalist. Catalist was launched on 17 December 2007 to replace Sesdaq. It provides a sponsor-supervised listing platform in Asia for local and international growth companies. Of the 770 listed companies, 39% were foreign listings, reflecting the growing status of Singapore as the Asian Gateway, offering global investors access to the dynamic and fast growing Asian markets.

Capital raised from initial public offerings, rights issues and placements totalled S$18.3 billion for the year ended March 2008, a 21.7% increase from S$15 billion raised in the previous financial year. Turnover value of the Singapore Exchange Securities Trading Limited (SGX-ST) also rose 73% to S$602 billion for the year ended March 2008, and turnover in volume terms increased 72% to 648 billion shares. The Straits Times Index reached a historical high of 3875.77 points on 11 October 2007 and ended at 3,007.36 at end March 2008.

The number of futures derivative contracts traded on the SGX for the year ended March 2008 increased by 33.4% to 48.8 million, from 36.5 million. SGX's flagship futures products - the Nikkei 225, MSCI Taiwan Futures, MSCI Singapore Futures contracts and CNX Nifty Index Futures - achieved record volumes and open interest, contributing to 94.1% of the total volume on Singapore Exchange Derivatives Trading Limited (SGX-DT).

In the year ended March 2008, the number of new structured warrants listings rose 57% from 1,143 to 1,794 year-on-year and recorded a 85% growth in turnover value to S$29.9 billion, as compared to S$16.2 billion in the year ended March 2007. Structured warrants on foreign indices and Initial Public Offerings (IPOs) were particularly well-received by the market. Trading value for foreign underlying warrants tripled and accounted for 37% of the total warrants market.

As of end March 2008, 20 index participation certificates and five range accrual certificates were listed which offer investors access to the performance of different geographical markets and themes. On 11 April 2008, SGX became the first Asian exchange to list products linked to the Rogers International Commodity Enhanced Indices©.

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