New York bourse and South East Asia’s biggest exchange operator will let firms list on both
New York Nasdaq and Singapore Exchange join forces
Nasdaq and Singapore Exchange are teaming up to let companies list their shares on both markets.
The agreement between New York-based Nasdaq and South East Asia’s largest exchange operator will enable companies to list on both venues and promote each other’s markets. The companies confirmed the partnership.
“The agreement is the best of an East-West combination,” said Chew Sutat, SGX’s head of equities and fixed income. “Firms get access to both Asian and U.S. investors.”
Exchanges are exploring more tie-ups and pitching to customers outside their home markets as they seek to lure more initial public offerings. Nasdaq has been seeking to deepen ties with Asia as the region increasingly becomes a driver for its business.
The pact will help SGX boost its appeal to its technology industry after Sea, South East Asia’s most valuable start-up, chose to list in the US instead of Singapore where it is headquartered. The company’s stock was up 0.8 per cent as of 9:14am local time on Thursday.
Last month, Nasdaq inked a so-called memorandum of understanding with the Taiwan Stock Exchange to work closely in expanding their exchange-traded funds market.
The SGX chief executive Loh Boon Chye was in Chicago on Tuesday to open the company’s first US office.