The mood swing came after last year's uncertainty, when SGX lost half its futures business due to the floor traded SGX/CME Eurodollar contract moving to Chicago Mercantile Exchange (CME)'s electronic trading platform, Globex. Another key uncertainty then was SGX's transition from floor trading to its own electronic platform.
However, the past year has seen a massive change in mood, particularly following the about face by Monetary Authority of Singapore (MAS) and SGX from trying to keep the domestic community focussed on SGX products, to now opening the city to global trading.
Hubs and arcades
In recent weeks, three global arcades or proprietary shops have approached opening in Singapore.
Refco Trading Services (Refco TS) took over SGX's former trading hall on 1 August while, on the same day, Saxon Financials opened its proprietary trading operation.
Meanwhile, local bank UOB and UK's STA recently inked a joint venture to establish a trading...