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SGX reorganises to emphasise product lines over operational functions
SINGAPORE Exchange (SGX) is reorganising its business to emphasise product lines over operational functions from Jan 1, the market operator announced on Monday after the market closed.
Current chief operations and technology officer Tim Utama will also be leaving after the transition.
Functions that are currently run by the sales and clients unit, which will no longer exist, and by the listings division, will now be split and subsumed under the newly created equities and fixed income division, to be headed by current sales and clients head Chew Sutat; and under the promoted derivatives unit, which will continue to be led by Michael Syn.
The securities unit, which is led by Jenny Chiam, will become part of Mr Chew's unit, instead of reporting to SGX president Muthukrishnan Ramaswami.
Wholly owned Energy Market Co, which operates Singapore's power market, will now be part of the derivatives business.
The market data and connectivity business will continue to develop data and index services as well as connectivity solutions, and will continue to report to Mr Ramaswami.
SGX's international offices in China, Hong Kong, India, Japan and the United Kingdom will now be consolidated under the single unit of membership and international coverage, which will also report to the president. Current head of China business Lawrence Wong will relinquish his role as head of listings.
SGX did not say why Mr Utama is leaving, or when, but it stated that Mr Utama will stay on to oversee the transition and to see through the implementation of the Board Committee of Inquiry recommendations that were made following a major market disruption in 2014.
Mr Ramaswami will take on the increased responsibilities of overseeing the operations and technology units.
"The changes we are taking will create a simpler and flatter structure, making us more efficient and better equipped to take on challenges and opportunities," SGX chief executive Loh Boon Chye said in a statement. "As we continue to focus on building innovative and sustainable markets, investors and companies can expect from SGX a more solution-driven and customer-centric approach to their investing, risk management and fund-raising needs."