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Singapore Exchange (SGX) has proposed amendments to its business rules which, if approved, will result in the exchange launching single stock futures in Q1, 2008.
The exchange will launch single stock futures on securities that are listed on the exchange’s equity market.
“Single stock [futures] will be the first margin-based exchange traded product in our securities trading market. It will enable retail investors to reflect longer-term views, long or short, in the market with transparency and capital efficiency. It will also pave the way for more varied exchange traded equity derivatives products to be introduced and allow for hedging and arbitraging opportunities,” said Chew Sutat, SGX executive vice president and head of development.
The exchange also revealed details of the contracts, revealing that each SSF will have an expiry of two months.
"While we support its overall direction, a number of the requirements in the review are needlessly oppressive, particularly the proposed limits on execution-only business and bilateral execution. Additionally, the swathe of costly disclosure obligations is more likely to confuse than inform customers.”
The FOA's Anthony Belchambers responds to the EC's Mifid review.