Singapore Exchange - Oslo Bors MoU - step in the right direction but no P&L impact near term

Thursday, July 9, 2009

SGX announced today that it would enter into a MoU with Oslo Bors on co-operation related to dual listings of companies listed on each other’s exchanges. The MoU will be signed on 8 July. Shipping, O&M and Petroleum related companies appear to be the primary target of this MoU.

While positive from a strategic point of view, we foresee limited P&L impact from this measure. We believe the MoU would make it procedurally easier for companies on both exchanges to mutually dual-list, if they wish to. We do not expect any fundamental changes in SGX revenues in the medium term as a result of this arrangement.

We continue to maintain UW on SGX as we expect trading volumes and turnover velocity to remain low for the next couple of months.


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