SGX announces leadership changes to its FX and technology teams
These come as the authorities look to revive Singapore’s equity market
THE Singapore Exchange (SGX) announced several changes to its foreign exchange (FX) and technology management teams on Thursday (Mar 6), including two resignations, with the intent to “strengthen its leadership and bolster its capabilities” for continued growth.
SGX said that Lee Beng Hong, its head of wholesale markets and platforms, had resigned “to pursue other opportunities”. Lee, who has been in the role since 2019, will leave at the end of March.
He will be replaced by Jean-Philippe Male, who is the co-founder and chief executive officer of BidFX, an FX over-the-counter platform business acquired by SGX Group in 2020.
Thijs Jacobs, group chief technology officer, is also stepping down from his position. His responsibilities will be covered by chief information officer Tinku Gupta until his replacement is found.
As the head of wholesale markets and platforms, Lee led the group’s platform technology, including BidFX and electronic FX trading workflow platforms MaxxTrader. He also supervised the group’s strategic investments in trading tools Trading Technologies, Trumid and Marketnode.
Lee also headed SGX’s fixed-income business, from origination and listing to trading. Following his departure, Male will be appointed CEO of SGX FX on Apr 1. He was promoted to president of SGX FX in mid-2024 and had overseen the rise of the OTC FX business.
In his new role, Male will be responsible for leading the SGX FX management team in expanding its contribution as a growth engine for the group, said SGX.
Loh Boon Chye, CEO of SGX Group, said that the changes reflect the group’s commitment to evolve and strengthen its leadership team to meet the needs of its business and stakeholders.
“We are excited to welcome Male to his new post and are confident that his leadership will further elevate SGX FX. We also extend our gratitude to Beng Hong and Thijs for their contributions and wish them the best in their future endeavours,” he said.
The changes follow several other high-profile resignations at SGX. Bloomberg reported on Feb 17 that several veteran staffers of SGX had resigned. They include Frieda Choong, who runs the team in charge of IPO approvals, and June Sim, who heads listing compliance at the exchange’s regulatory arm.
Nico Torchetti, a former HSBC Holdings banker who heads SGX’s operations and market services, is also reportedly departing.
SGX’s capital markets co-head Matthew Song also left in the second half of 2024 after being in the role for only a year.
The departures come as the Monetary Authority of Singapore’s review committee plans to unveil several measures this year to revitalise the stock market.
Last month, the committee announced several initiatives, including a S$5 billion investment initiative for asset managers who focus on Singapore-listed equities.
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