Singapore Exchange last week confirmed it will close its liaison office in New York with effect from 1 June. The exchange said the decision was in line with its efforts to streamline operations and maintain cost efficiencies. With this move, the New York office's liaison function will now be carried out from Singapore.
Monetary Authority of Singapore (MAS) will assume responsibility for SGX's securities and derivatives member inspections from 1 July. The annual inspections, which last four to eight weeks, are to ensure that members comply with its rules in areas such as capital requirements and client accounts. The exchange will pay MAS an annual fee of S$2.3m for the next five years to defray the regulator's costs. SGX said overall cost-savings for will balance out the payment to MAS, with the exchange not expecting any significant financial impact. The exchange will retain other supervisory functions including risk management for...