Asian exchanges report profits

09 Aug 2004

Singapore Exchange (SGX) reported a record net profit of S$133m ($77m) for the year to June 2004, substantially higher than last year's Sars- and Iraq War-affected result of S$16m. A strong equity market, and higher securities and derivatives clearing fees drove total revenues up 44% to a record S$316m.

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"For exchange-traded derivative markets, the monopoly of middle and back office providers is likely to be challenged. Historically, the three incumbent providers have been largely unchallenged due to widely held fears of ‘migration risk’."

Clive Furness, MD, Contango Markets