TEN years ago, quarterly reporting was made mandatory in Singapore.

Before its introduction, the rule was strenuously debated. It had many opponents, most notably S Dhanabalan, then chairman of Temasek Holdings and DBS Bank. He famously said: "We seem to have tilted in favour of traders in stocks rather than investors in stocks."

The arguments for quarterly reporting are well known. Increased transparency and accessibility to current and up-to-date financial information are important cornerstones in a disclosure-based regime. Markets are more efficient if trades are done based on more accurate information. Also, equal access to timely information keeps the playing field fair for all participants.