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Singapore – Regulatory Developments. Presented by Mohammad Nizam Deputy Director and Head, Market Conduct Policy Division Monetary Authority of Singapore Date 10 Aug 2005. Market Overview: SGX-DT. equity index futures/options, interest rate futures, single stock futures. Products.

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Singapore regulatory developments

Singapore – Regulatory Developments

Presented by

Mohammad Nizam

Deputy Director and Head,

Market Conduct Policy Division

Monetary Authority of Singapore

Date

10 Aug 2005


Market overview sgx dt
Market Overview: SGX-DT

equity index futures/options, interest rate futures, single stock futures

Products

Volume

Top 5 Contracts

Nikkei 225, MSCI Taiwan Index, Euroyen, MSCI Singapore, and Mini Japanese Government Bonds


Market overview other recognised markets
Market Overview: Other Recognised Markets

Bloomberg Tradebook

NYMEX

Brokertec USA LLC

IPE London Ltd

CME Inc

Tradeweb Europe Ltd

Euronext Paris SA

Brokertec USA LLC

Marketaxess Europe

Garban LLC


Market overview otc derivatives market
Market Overview: OTC Derivatives Market

  • Daily Average turnover of USD 17 billion

  • 2nd largest market in Asia

  • 12th largest market globally


Fair efficient market and sound infrastructure

Regulatory Objective:

Fair, Efficient Market and Sound Infrastructure

Principles:

Business Friendly, Promoting Growth


Regulatory developments
Regulatory Developments

1) Enhancing the Regulatory Framework

2) Regulation of Commodities Futures and OTC Derivatives

3) Infrastructure Developments


1 enhancing the regulatory framework

MAS

Before

  • Approval Regime: “No” till MAS says “Yes”

  • “Clearing and settlement” not defined

  • Lower cost

  • Start Biz Faster

MAS

After

1) Enhancing the Regulatory Framework

Designation Approach for Clearing Facilities

  • Definition of “clearing and settlement” includes entire value chain

  • Designation Regime: Risk Based. Default “Yes”; MAS only designates and regulate when necessary


1 enhancing the regulatory framework1

Approved Exchange

Approved Exchange

ReTS (assumes

certain biz models)

RMOs (allows new

biz models and

regulatory flexibility)

1) Enhancing the Regulatory Framework

Classification of Markets

Before:

After:


2 keeping an eye on

MAS

-SFA

IE Sg

-CTA

Commodities Futures

2) Keeping an Eye on …

  • Commodities Futures

  • OTC Derivatives

    Market: Not regulated. Will there be a need in the future?

    Clearing and Settlement: How are we to regulate clearing members?


3 infrastructure development
3) Infrastructure Development

  • Move to pit to E-trading

    - SGX Quest (integrated trading engine)

  • Facilitates audit trail



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