The Singapore Exchange (SGX) has appointed Loh Boon Chye as its newest Chief Executive Officer (CEO), whose appointment will commence officially on July 14, 2015, according to an SGX statement.
In his new role as the CEO at SGX, Mr. Boon Chye will also be admitted to the Board of Directors. He will be replacing Magnus Böcker at SGX, following a five-year stint as its CEO. Mr. Böcker will cede control to SGX President Muthukrishnan Ramaswami until the July 14th commencement date.
Mr. Loh steps into his role as CEO at SGX after a career of over 25 years, dating back to the Monetary Authority of Singapore in 1989. He has worked in a number of other subsequent stops at Morgan Guaranty Trust Co., Deutsche Bank AG, Singapore, and most recently at Bank of America – Merrill Lynch in a number of senior level roles.
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According to the Chairman of SGX, Chew Choon Seng, in a recent statement on the appointment, “We are pleased to welcome Boon Chye as the new CEO. He is very well regarded by everyone who has worked with him and respected as an accomplished leader and team manager. Boon Chye is no stranger to SGX and his knowledge and extensive experience in capital markets equip him well to take SGX forward.”
“I am honoured to be given the mandate to steer SGX, and look forward to further building on a strong foundation. I have previously had the opportunity to be involved with SGX and seen it grow into a truly international exchange that is a gateway to Asia. In a rapidly evolving financial landscape, SGX has to adapt to stay ahead and I look forward to working with the stellar team towards this goal,” added Mr. Boon Chye in an accompanying statement on his appointment.
Last week, SGX reported its volumes across its derivatives and commodities activities for the month ending May 2015. In terms of securities, the turnover at the SGX for May 2015 came in at $23.0 billion, which is lower by -2.0% YoY from May 2014 and -13.0% MoM from April 2015.