SGX bags excellence award for 2nd consecutive year

THE Singapore Exchange (SGX) on Monday said it has won an "Exchange of the Year" award for excellence for the second year running. 

Given out by Regulation Asia, which tracks and analyses financial regulation across Asia, the award recognised SGX for its targeted approach to market regulation, and for demonstrating a commitment to moving to a 'community' approach.

SGX was also noted by the judging panel for its willingness to work with the industry to raise standards across the board. This includes its collaboration with the Association of Banks in Singapore to raise due diligence standards for initial public offerings, and partnerships with property and business valuation experts to up standards for valuing companies' assets.

SGX also ran initiatives with members of the market community to deter market misconduct, the statement added.

To address trading misconduct, the bourse also created its Surveillance Handbooks and Dashboard, said SGX RegCo chief executive Tan Boon Gin in the statement. It also adopted the use of notices of compliance and trading restrictions to tackle matters of key concern to the market as early as possible, he said.

"We will continue learning and working with stakeholders so as to address regulatory issues upstream and to try to counter any wrongdoers," he added.

For the Regulation Asia Awards, firms were asked for written submissions on client wins, new technologies and specific projects and solutions designed to meet changing regulatory requirements.

The submissions were assessed by Regulation Asia's editorial team, and then evaluated by an external panel of 10 judges comprising subject-matter experts from banks, associations, law firms, consulting firms.

The judges then decided the winners in each category, based on the submissions, interview data and other supporting materials collected by the editorial team.