Australian exchange plans to open new office in S'pore

[SYDNEY] ASX Ltd will hire staff for a new office in Singapore this year as Australia's main exchange operator seeks to do more business with Asian hedge funds and proprietary traders.

"It will be a meaningful presence," Peter Hiom, Sydney-based deputy chief executive officer at ASX, said on Friday, adding that the Singapore office will focus on derivatives products. "There's an untapped opportunity for us in South-east Asia."

Asia's third-largest listed exchange by market capitalisation is expanding in derivatives, already its biggest source of revenue, as trading volumes for cash equities in its home market stagnate. Inflows into hedge funds are set to jump 25 per cent this year to the most since 2007, Barclays said last month, citing a survey of investors.