The Singapore Exchange (SGX) announced this Monday that it has established and launched a S$5 million (US$3.52 million) care package in order to bring some relief to the financial community amid the pressures of coronavirus.
In particular, the package aims to reinforce the city-state’s resilience as a global marketplace, the statement released today said. The $5 million package will be distributed over a 12 month period.
Breaking it down, S$3.5 million will go towards supporting companies listed in Singapore, as well as employees and contract staff of the exchange. The other S$1.5 million will be put towards national healthcare support programs, such as The Courage Fund, facilitated by the National Council of Social Service and its fundraising arm, the Community Chest.
Commenting on the stimulus, Loh Boon Chye, Chief Executive Officer of SGX, said in the statement: “As a key part of Singapore’s financial market infrastructure, we are committed to ensuring uninterrupted operations at all times – this means taking the lead to do more for those who are putting their lives and jobs at risk, as well as companies and individuals who keep businesses and markets running. We are all in this together and as a community, we can be confident about emerging stronger when the virus situation blows over.”
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The Singapore exchange isn’t alone in its efforts to keep the financial market afloat. As Finance Magnates reported earlier today, the Australian Securities and Investments Commission (ASIC) took steps to ensure that the country’s equity market remains resilient.
Specifically, ASIC has issued directions under the ASIC Market Integrity Rules to a number of large equity market participants. Specifically, they have been told to limit the number of trades executed each day until further notice.
Under the watchdog’s directions, firms need to reduce their number of executed trades by up to 25 percent from the levels executed on Friday. Therefore, high volume participants and their clients will need to actively manage their volumes.