The Singapore Exchange (SGX) announced the joining of China International Capital Corporation (CICC Singapore) today as a trading member of its securities market to strengthen regional participation and deepen financial connectivity with China.
According to the official press release, CICC Singapore plans to facilitate Chinese investors interested in Singapore-listed securities with the launch of CICC’s Singapore trading desk.
CICC is one of the leading investment banks of China offering a wide range of services including wealth management, asset management, mutual funds and securities with a focus on institutional investors. CICC Singapore was established in 2008 with a primary focus on investment banking activities and trading.
Commenting on the recent development, Huang Haizhou, Managing Director and Head of Equities Department at CICC, said: “The trading membership marks a new milestone for CICC’s global initiative. Since setting up CICC Singapore in 2008, the equities business has grown from a predominantly Hong Kong-listed research sales business to one which offers a diversified suite of products, including A-shares, H-shares, and ADRs. With the launch of our Singapore trading desk, we will facilitate more Chinese capital investing in Singapore-listed securities, and promote greater cross-border capital flows between Singapore and other markets.”
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The Singapore Exchange has been able to attract leading financial firms to join its securities market. CICC Singapore joined SGX as the 25th trading member. Moreover, SGX has 63 trading members in its derivatives market.
“We are pleased to welcome CICC Singapore, a leading Chinese investment bank, as our securities trading member. With this membership, CICC will be able to expand investment options to its clients and add diversity to our securities market’s investor base, as we continue to encourage regional participation and deepen financial connectivity with China. We look forward to CICC Singapore’s support and participation in our market, and to more collaborations with CICC,” Chew Sutat, Senior Managing Director at SGX said in a statement.
In the previous week, DBS Bank officially announced the launch of its DBS Digital Exchange including a 10% stake of SGX.