Singapore Exchange (SGX) is Asia’s leading multi-asset exchange, providing access to a wide range of products across equities, fixed income, currencies, and commodities. It serves as a key gateway for global investors seeking exposure to the region’s fastest-growing and most dynamic markets.
SGX has long faced challenges of subdued trading volumes in Singapore, intense global competition from larger exchanges, and the need to attract more listings and retail investor participation. Can SGX reinvigorate market activity, expand its reach, and capture new growth opportunities in an increasingly competitive landscape? I attended the 2025 AGM to gain a deeper understanding of how SGX plans to tackle these challenges.
Here are 10 things I learned from the 2025 SGX AGM.
1. SGX’s multi-asset strategy enabled it to achieve the highest revenue and net profit since listing. Group net revenue rose 11.7% to nearly S$1.3 billion, driven by broad-based growth across all operating segments. On an adjusted basis, group expenses increased by 1.6%, while adjusted earnings climbed 15.9% to S$610 million. Margins also improved, with the adjusted operating profit margin rising by 4.2 percentage points.
Total dividends for FY25 will amount to 37.5 cents per share, up 8.7% from FY24. Looking ahead, SGX plans to implement a steady dividend increase of 0.25 cents per quarter from FY26 to FY28.
2. SGX’s Equities – Cash segment recorded solid growth, supported by steady investor interest. As of end-June, the Straits Times Index (STI) delivered a 19% one-year return, outperforming other regional benchmark indices. Securities’ daily average value increased 26.5% to $1.34 billion, the highest in four years. This activity contributed to an 18.7% rise in the segment’s net revenue to S$392.7 million from S$330.7 million previously, representing 30.3% of total net revenue. The performance was underpinned by higher participation from both institutional and retail investors across index stocks, REITs, and small- and mid-cap segments.
3. FICC (Fixed Income, Currencies and Commodities) segment net revenue rose by S$25.3 million, or 8.6%, to $321.6 million from S$296.2 million previously and accounted for 24.8% of total net revenue. The increase in trading and clearing revenue was mainly driven by higher volumes in OTC FX, currency derivatives, and commodity derivatives.
According to CEO Loh Boon Chye, the SGX FX business continues to be on a strong growth trajectory and is now among the world’s top three exchange-backed OTC FX venues by volume — a significant achievement within a short period. This momentum carried into the first quarter of FY26, with solid growth in both trading volumes and client participation. A key contributor has been the expansion of SGX’s sales footprint, now spanning 12 major cities worldwide. The SGX FX team has been deepening existing client relationships while bringing new clients on board.
4. Equities – Derivatives net revenue rose 13.8%, to $345.9 million from $303.9 million previously, accounting for 26.6% of total net revenue. Equity derivatives volumes increased by 10.3% to 175.8 million contracts (from 159.3 million contracts), driven mainly by higher trading activity in FTSE China A50 and GIFT Nifty 50 index futures contracts. This was partially offset by lower volumes in Nikkei 225, FTSE Taiwan, and MSCI Singapore index futures contracts.
5. Platform and Others net revenue rose by 3.0% to $238.0 million from $231.1 million previously, accounting for 18.3% of total net revenue. The increase in market data revenue was primarily driven by repricing, while higher co-location sales and repricing contributed to the growth in connectivity revenue. Transaction-based expenses also increased, largely as a result of higher data fees.
6. In the first quarter of FY26, there were nine new listings that collectively raised approximately S$2.2 billion. More IPOs are expected for the remainder of the year, with four companies having announced their plans to list. In the past two weeks, retail participation in new listings has trended above the market average, reflecting the growing traction and interest among retail investors.
SGX is also helping investors better understand and track different segments of the Singapore market beyond large-cap index stocks, uncovering more opportunities across the broader equity landscape. One such initiative is the launch of the Next 50 Index, which highlights the next tier of large and liquid companies beyond the STI. By bringing these names into focus, SGX aims to broaden investor awareness beyond well-known index constituents and provide more ways for investors to track and engage with the Singapore market.
7. A shareholder referred to the remuneration section in the annual report and requested a year-on-year comparison of remuneration to understand the scale of increases. He also cautioned that excessive pay could invite public criticism and urged the remuneration committee to set reasonable limits to ensure fairness and sustainability.
The board explained that SGX benchmarks its CEO and executive team remuneration against a fixed set of comparable exchanges, including Japan Exchange, Hong Kong Exchange, and Euronext, among others. It also considers the pay structures of other listed companies in Singapore. As a reference point, while SGX’s adjusted earnings increased by about 16%, the CEO’s total compensation rose by only around 3% compared to the previous year, which management considered to be a reasonable adjustment.
8. Another shareholder raised a question regarding the MAS EQDP programme, noting that only S$1.1 billion of the allocated S$5 billion had been committed across the three designated funds. The shareholder pointed out that there was limited public information on whether the funds had been fully disbursed or deployed, and questioned the extent of their actual activity. They also asked whether the recent “rising tide” effect observed in the market could be linked to early movements or front-running by brokerages ahead of these fund deployments.
Chairman Koh Boon Hwee responded that they were not in a position to speak on behalf of MAS at this time but expressed confidence that further developments would follow. While S$1.1 billion had been announced under the programme so far, additional allocations to other asset managers were expected in due course. The details of the scheme would be made public when appropriate. He added that this initiative represents a positive start, but sustainable liquidity cannot be achieved through a one-time effort. SGX serves primarily as a platform and, on its own, cannot create either demand or supply in the market. However, the chairman expressed confidence that with MAS and the government reviewing the broader policy framework to enhance Singapore’s capital market vibrancy.
9. A shareholder shared their experience investing in several overseas exchanges that have established inter-exchange connectivity and collaborations. He suggested that SGX consider similar partnerships with other exchanges to enhance trading volumes and strengthen its transactions business.
The CEO affirmed that collaboration and partnership remain key strategic priorities for SGX. However, they explained that the group’s connectivity initiatives extend beyond the securities market to encompass a broader range of asset classes. Examples include the introduction of Singapore Depository Receipts (SDR); ETF product links with the Shanghai and Shenzhen exchanges; and a mutual offset arrangement with CME for derivatives trading. Since the launch of SDRs in 2023, the product suite has expanded to 23 counters from Thailand and Hong Kong, representing roughly half of the SET50 and Hang Seng Index by constituent weight. Assets under management have exceeded S$150 million, supported by growing participation across all investor segments.
10. A shareholder asked whether, given SGX’s position as a multi-asset exchange, the group would consider including crypto assets on its platform, either directly or through partnerships with established crypto exchanges. The chairman acknowledged that some view cryptocurrency as an emerging asset class and noted that SGX continues to monitor developments in this space. However, he emphasized that the group currently sees significant opportunities within its existing asset classes and remains focused on expanding and strengthening those areas.
The fifth perspective
The 2025 SGX AGM underscored a year of strong execution and steady progress, with management demonstrating a clear focus on sustainable growth, deeper market connectivity, and shareholder value. Beyond the solid financial performance, the discussions reflected SGX’s broader commitment to strengthening Singapore’s position as a leading multi-asset hub and laying the groundwork for a more resilient and diversified future.
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