Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

* Indian Exchange Announcement Really Hurts:  On February 9, 2018, the Indian stock exchanges collectively terminated Singapore Exchange's (SGX.SP) [SGX] market data licensing agreement.  Indian contracts appear to represent 5.5% of overall derivative revenue – or 10% or more of SGX bottom-line. * De-Listing Challenges:  SGX has robust initial public offering (IPO) pipeline in 2018, but it is not nearly enough to offset the trading volume and market-cap loss associated with the deluge of…

* Indian Exchange Announcement Really Hurts:  On February 9, 2018, the Indian stock exchanges collectively terminated Singapore Exchange's (SGX.SP) [SGX] market data licensing agreement.  Indian contracts appear to represent 5.5% of overall derivative revenue – or 10% or more of SGX bottom-line. * De-Listing Challenges:  SGX has robust initial public offering (IPO) pipeline in 2018, but it is not nearly enough to offset the trading volume and market-cap loss associated with the deluge of…

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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Venture Corporation Scheduled to Join STI on 5 January

Singapore’s STI On Track For Highest Annual Price Gain Since 2012

* Traditional fundamentals within the legacy Hong Kong Exchanges &amp; Clearing (HKEx) [388.HK] equities business continues on a positive upswing, with turnover steadily increasing;  * Launching a new iron ore futures contract, however, appears to be yet another foolish foray into the commodities space as HKEx continues to dig itself deeper into a hole with the London Metals Exchange (LME) business; and* HKEx has yet to earn a positive return on invested capital (ROIC) with the LME, by our calculation, and only nominal overall net returns since deal consummation. Given how HKEx is currently pressing to generate any form of revenue within this commodities unit, we fear that accountants and regulators will now push for a significant goodwill charge up to 2.2 years in pre-tax earnings, by our calculation.

* Traditional fundamentals within the legacy Hong Kong Exchanges &amp; Clearing (HKEx) [388.HK] equities business continues on a positive upswing, with turnover steadily increasing;  * Launching a new iron ore futures contract, however, appears to be yet another foolish foray into the commodities space as HKEx continues to dig itself deeper into a hole with the London Metals Exchange (LME) business; and* HKEx has yet to earn a positive return on invested capital (ROIC) with the LME, by our calculation, and only nominal overall net returns since deal consummation. Given how HKEx is currently pressing to generate any form of revenue within this commodities unit, we fear that accountants and regulators will now push for a significant goodwill charge up to 2.2 years in pre-tax earnings, by our calculation.    

Singapore

Singapore Exchange Limited owns and operates Singapore's Securities and derivatives exchange and their related clearing houses.  The Company also provides ancillary securities processing and information technology services to participants in the financial sector.

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SGX (SGX SP)

Singapore Exchange – Not So NIFTY

* Indian Exchange Announcement Really Hurts: On February 9, 2018, the Indian stock exchanges collectively terminated Singapore Exchange's (SGX.SP)...

Thomas J. Monaco

Venture Corporation Scheduled to Join STI on 5 January

Singapore Exchange Ltd (SGX)

Singapore’s STI On Track For Highest Annual Price Gain Since 2012

Singapore Exchange Ltd (SGX)

STI Begins Week at a 27-month High

Singapore Exchange Ltd (SGX)

HKEx – Not Leaving Well Enough Alone

* Traditional fundamentals within the legacy Hong Kong Exchanges & Clearing (HKEx) [388.HK] equities business continues on a positive upswing,...

Thomas J. Monaco

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