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INSTITUTIONAL INVESTMENT | Terry Gangcuangco, Singapore
Published: 26 Apr 09
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AMEX-SGX joint venture terminated

Singapore Exchange Limited (SGX) and NYSE Euronext (NYX) have agreed to terminate the American Stock Exchange® – SGX Pte Ltd Joint Venture (JV) on 30 April 2009. The two companies, however, will continue to collaborate in their respective areas of focus and expertise in the exchange-traded fund (ETF) space.The joint venture, owned equally by SGX-ST and AMEX®, was formed in April 2001 to promote the listing and trading of United States cross-listed ETFs in the Asian time zone, on SGX-ST. Following the acquisition of AMEX® by NYSE Euronext, the JV is no longer necessary. With the termination, the JV trading platform SGX Xtranet will also cease operations on 30 April 2009.The five US cross-listed ETFs under the JV on SGX Xtranet will be transferred to the SGX-ST Mainboard after market close on 30 April 2009 for continued listing and trading. They will be available for trading on the SGX-ST Mainboard from 4 May 2009, as 1 May 2009 is a public holiday and non-trading day in Singapore. The five ETFs -- DIAMONDS®, iSharesSM S&P500 Index Fund, iSharesSM MSCI Singapore (Free) Index Fund, iSharesSM Dow Jones U.S. Technology Sector Index Fund, SPDRs® -- will remain fungible after the transfer.Janice Kan, Vice President & Head, Product Development of SGX, said, "SGX is pleased to have worked with AMEX on this JV, to be among the first to introduce the listing and trading of US cross-listed ETFs to the Asian region. SGX now has a total of 30 ETFs, covering most of the major Asian equity markets as well as commodities, including gold. We look forward to exploring further opportunities to work with NYSE Euronext in the region."Lisa Dallmer, Senior Vice President, Global Indexes and Exchange Traded Products of NYSE Euronext, said, "The ongoing relationship between SGX and NYSE Euronext reflects the global portability of exchange traded investment products." Dallmer added, "Given the proper trading model and regulatory recognition, cross-listings for the purpose of trading and asset gathering is a viable business strategy for fund sponsors. We look forward to working with SGX in future toward mutually beneficial initiatives and results."SGX is the holding company of Singapore Exchange Securities Trading Limited (SGX-ST), while NYSE Euronext is the holding company of the American Stock Exchange® (AMEX®) following its acquisition of AMEX® in October 2008.



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