1. A very good morning to:
- Mr. Gan Kim Yong, Deputy Prime Minister, Minister for Trade and Industry, and Chairman of the Monetary Authority of Singapore;
- Mr. Chia Der Jiun, Managing Director, MAS;
- Our esteemed partners, guests, colleagues, and friends.
2. Thank you for joining us today as we mark the first trading day of 2025 and the 25th anniversary of SGX Group.
3. Our silver jubilee is a significant occasion that calls for both reflection and anticipation. From the very first day of our journey, we have been more than just a stock exchange. We began with a unique dual identity, operating both Singapore’s stock market and an international derivatives market.
4. This foundation reflected Singapore’s ambition to be a global financial hub, and it has shaped who SGX Group is today – a multi-asset exchange that connects markets, participants, and opportunities across the world.
5. Over the past 25 years, we have grown to become a trusted name in the global financial ecosystem, with a reputation that stretches beyond Singapore.
6. However, as we celebrate our achievements, we must also confront the realities before us. While our derivatives business has seen tremendous success, the stock market has been particularly challenging.
7. In recent months, we have seen an uptick in stock market volumes, driven by market sentiment and investment flows. This is of course a welcome development and a reminder of the potential of our market.
8. Yet, we should remember that equity markets are inherently cyclical. Sustained growth in the stock market cannot rely solely on sentiment or temporary investment flows. For the Singapore stock market to be truly sustainable, a myriad of structural and policy issues must be addressed, certainly by SGX, but also with policy makers, regulators and all players within the ecosystem.
9. As we have seen in other markets, the success of the stock market is very much linked to economic success and the policies that support the latter. Bold and decisive actions by policymakers and key participants in the ecosystem are essential.
10. We have to do the same here in Singapore. Whether it is reforming policies to attract liquidity, or a paradigm shift in how we approach regulation, it will take courage, a willingness to take risks, and a collective commitment to change.
11. The ecosystem is heartened that the Equities Market Review Group is delving into the long-standing issues in the stock market. A vibrant equities market is a major pillar of every financial centre, fueling entrepreneurship, encouraging start-ups and venture capital, and overall economic growth. To remain competitive and relevant in a global and digital economy, especially here in Southeast Asia, we need to address these issues head on.
12. The path forward is not without its challenges. With the combined will and collaboration of all stakeholders, I hope our stock market can reach its full potential as a cornerstone of Singapore’s and Southeast Asian economies.
13. In closing, let me thank all of you here for your unwavering support. I believe the best days of SGX Group – including the Singapore stock market – are yet to come. SGX Group thrives on innovation and partnerships. Together, we can build local and global marketplaces that are resilient, forward-looking, and stand the test of time. Thank you very much for your attendance this morning.
Source: SGX
