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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. 


SGX

Singapore Exchange – No Real Progress