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

<ul>
<li>SGX FY 1H22 core results were not robust, coming in at SGD 216 mn, improving just SGD 1.0 mn (0.5%) HOH and reflected weakened revenues; </li>
<li>Derivatives revenue improved 3.4% HOH, resultant of slightly higher contract volumes, and higher rates and lower discounts. HKEX's foray into the A50 will ultimately eat away at SGX’s business; and </li>
<li>Significant strategic alternatives are needed at SGX, if it is to avoid being hollowed out by the HKEX. </li>
</ul>


SGX FY 1H22 core results were not robust, coming in at SGD 216 mn, improving just SGD 1.0 mn (0.5%) HOH and reflected weakened revenues; 
Derivatives revenue improved 3.4% HOH, resultant of slightly higher contract volumes, and higher rates and lower discounts. HKEX's foray into the A50 will ultimately eat away at SGX’s business; and 
Significant strategic alternatives are needed at SGX, if it is to avoid being hollowed out by the HKEX. 


India

Multi Commodity Exchange of India Limited is an independent and de-mutualized exchange.  The Exchange has permanent recognition from the Government of India for facilitating online trading, clearing, and settlement operations for commodity futures markets across the country.

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Multi Commodity Exchange India (MCX IN)

Singapore Exchange – No Real Progress

SGX: SGX reported FY 1H22 core results were not robust. The top-line hiccup was nearly offset by better-than-expected cost control.

Thomas J. Monaco

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