25 Years of Growth, Building for What's Next
Singapore Exchange Annual Report I July 2024 - June 2025
Corporate Information
Board of Directors
Chairman
Mr Koh Boon Hwee
Chief Executive Officer
Mr Loh Boon Chye
Members
Dr Beh Swan Gin Ms Julie Gao
Mr Stuart Lewis
Appointed on 10 October 2024
Mr Lim Chin Hu
Ms Lim Sok Hui (Mrs Chng) Ms Lin Huey Ru
Datuk Maimoonah Hussain
Appointed on 10 October 2024
Ms Claire Perry O'Neill Mr Samuel Tsien
Mr Yeoh Oon Jin
Company Secretaries
Ms Ding Hui Yun
Mr Seah Kim Ming Glenn
Share Registrar
Boardroom Corporate & Advisory Services Pte. Ltd. 1 Harbourfront Avenue, Keppel Bay Tower, #14-07 Singapore 098632
t: +65 6536 5355
e: SRS.TeamB@boardroomlimited.com
w: boardroomlimited.com
Auditor
KPMG LLP
12 Marina View, #15-01 Asia Square Tower 2 Singapore 018961
t: +65 6213 3388
w: kpmg.com.sg
Partner-in-Charge
Mr Lim Jek
Appointed on 10 October 2024
Board Committees
Audit Committee
Chairman
Mr Yeoh Oon Jin
Members
Ms Julie Gao
Datuk Maimoonah Hussain
Appointed on 10 October 2024
Mr Samuel Tsien
Nominating & Governance Committee Chairman
Dr Beh Swan Gin
Members
Mr Koh Boon Hwee Mr Lim Chin Hu
Ms Lin Huey Ru
Appointed on 10 October 2024
Mr Samuel Tsien
Remuneration & Staff Development Committee Chairman
Mr Lim Chin Hu
Members
Dr Beh Swan Gin Mr Koh Boon Hwee
Ms Claire Perry O'Neill
Appointed on 10 October 2024
Risk Management Committee Chairman
Ms Lim Sok Hui (Mrs Chng)
Members
Mr Stuart Lewis
Appointed on 10 October 2024
Mr Lim Chin Hu Ms Lin Huey Ru Mr Samuel Tsien Mr Yeoh Oon Jin
Registered Office
Singapore Exchange Limited 2 Shenton Way, #02-02
SGX Centre 1
Singapore 068804
t: +65 6236 8888
f: +65 6535 6994
w: sgx.com
Place of Incorporation
Singapore
Company Registration No.
199904940D
Date of Incorporation
21 August 1999
Investor Relations
For enquiries on SGX's business performance, contact the Investor Relations team at
e: ir@sgx.com
Sustainability
e: sustainability@sgx.com
Contents
Multiple Growth Avenues, One Trusted Ecosystem
Singapore Exchange (SGX Group) seeks to serve as the world's most trusted and efficient international marketplace, operating equity, fixed income, currency and commodity markets to the highest regulatory standards.
Business at a Glance, read more at page 8
$1,298m
FY2025 Net Revenue
18%
Platform and Others
Equities - Derivatives
27%
Equities - Cash
30%
25%Fixed Income, Currencies and Commodities
Business at a Glance
15 Letter from the Chief Executive Officer
18 Our Global Footprint
20 Organisation
22 Board of Directors
28 Executive Management Committee
Value Creation & Sustainability
30 How We Create Value
32 Strategic Priorities
35 Risk Management
40 Sustainability - Progressing Through Volatility
46 Corporate Social Responsibility
Governance
50 Corporate Governance Report
80 Remuneration Report
87 Summary of Disclosures
88 Self-Regulatory Organisation Governance Report
95 Report of the Independent Committees
Cash Flows
Per 4 | formance Overview Financial Highlights & | Fina 102 | ncials Directors' Statement |
Performance Review | 119 | Independent Auditors' Report | |
7 | Financial Performance Summary | 124 | Statement of |
8 | Business at a Glance | Comprehensive Income | |
126 | Statement of Financial Position | ||
Group Overview 128 Consolidated Statement of 10 Celebrating 25 Years Changes in Equity | |||
of Excellence | 132 | Statement of Changes in Equity | |
12 | Letter from the Chairman | 134 | Consolidated Statement of |
136 Notes to the Financial Statements
Others
224 Statistics of Shareholdings
226 Notice of Annual General Meeting
234 Supplemental Information on Directors Seeking Election and Re-election at the 2025 AGM
Scan the QR Code to access the Online Annual Report
or visit investorrelations.sgx.com/financial-information/
annual-reports
Scan the QR Code to access the Online
Sustainability Report or visit sgxgroup.com/ sustainability/our-sustainability-reports
Performance
Overview
Financial Overview
Net Revenue
EBITDA Adjusted1 EBITDA
$1,298.2m $827.8m $832.0mDividend per Share
37.5¢Net Profit
$648.0mEarnings per Share (EPS)
8.4%
60.6¢Adjusted Net Profit
$609.5m57.0¢
Adjusted EPS
All figures are for FY2025 except for figures in brackets, which are for FY2024 unless otherwise stated. Figures may be subject to rounding.
SGX recorded EBITDA of $827.8 million ($702.2 million) and NPAT of $648.0 million ($597.9 million) in FY2025. EPS was 60.6 cents (55.9 cents). Adjusted EBITDA was $832.0 million ($711.6 million) and adjusted NPAT was $609.5 million ($525.9 million). Adjusted EPS was 57.0 cents (49.2 cents).
The Board of Directors has proposed a final quarterly dividend of 10.5 cents (9.0 cents) per share, payable on 27 October 2025, for approval at the forthcoming annual general meeting. If approved, total FY2025 dividends will be 37.5 cents (34.5 cents), an increase of 8.7%.
Business Overview
The presentation of revenue and expenses has been revised in FY2025 such that transaction-based expenses2 are netted off against operating revenue to show net revenue. FY2024 financials have been revised for a like-for-like comparison3.
Operating revenue increased $139.0 million or 11.3% to $1,370.6 million ($1,231.7 million). After netting-off transaction-based expenses, net revenue4 increased $136.1 million or 11.7% to $1,298.2 million ($1,162.0 million), driven by higher revenue across all business segments.
Excluding treasury income, net revenue increased $142.6 million or 13.9% to $1,167.4 million ($1,024.8 million).
Fixed Income, Currencies and Commodities Business (FICC)
FICC - Fixed Income
FICC net revenue increased $25.3 million or 8.6% to $321.6 million ($296.2 million) and accounted for 24.8% (25.5%) of total net revenue.
Fixed Income net revenue5 increased $0.7 million or 7.8% to $9.1 million ($8.4 million).
Listing revenue Corporate actions and other revenue
$6.2m
8.5% from $5.7m
$2.9m
3.6% from $2.8m
There were 843 bond listings raising $296.0 billion, compared to 1,015 bond listings raising
$296.3 billion a year earlier.
Performance Overview
Currencies and Commodities net revenue increased $24.7 million or 8.6% to $312.5 million ($287.8 million).
FICC - Currencies and Commodities
Trading and clearing revenue
$280.7m
Transaction-based expenses
$28.5m
17.8% from $238.3m
8.8% from $26.2m
Treasury and other revenue
$60.2m
20.4% from $75.7m
The increase in trading and clearing revenue was mainly from higher volumes in OTC FX, currency derivatives and commodity derivatives.
Group Overview
OTC FX net revenue increased 25.3% to $113.0 million ($90.2 million). OTC FX headline average daily volume (ADV) increased 28.5% to US$143 billion (US$111 billion).
Currency derivatives volumes increased 49.7% to 73.6 million contracts (49.2 million contracts), mainly due to higher volumes in INR/USD and USD/CNH FX futures contracts.
Commodity derivatives volumes increased 6.2% to 65.3 million contracts (61.5 million contracts), mainly due to higher volumes in iron ore derivatives.
Value Creation & Sustainability
The increase in commodity volumes drove the increase in transaction-based expenses.
Equities - Cash
Equities - Cash net revenue increased $62.0 million or 18.7% to $392.7 million ($330.7 million) and accounted for 30.3% (28.5%) of total net revenue.
Equities - Cash
Listing revenue
11.0% from $29.7m
Trading and clearing revenue
31.9% from $168.1m
$26.5m
$221.8m
$148.1m
Securities settlement, depository management, corporate actions and other revenue
$3.7m
Transaction-based expenses
Governance
8.1% from $137.1m
11.8% from $4.2m
We recorded 6 (7) new equity listings which raised $25.7 million ($117.0 million). Secondary equity funds raised were $4.3 billion ($1.2 billion).
Financials
Securities daily average traded value (SDAV) increased 26.5% to $1.34 billion ($1.06 billion) and total securities traded value increased 27.5% to $336.4 billion ($263.7 billion). This was made up of Cash Equities6, where traded value increased by 27.6% to $323.2 billion ($253.2 billion), and Other Products7, where traded value increased 25.6% to $13.2 billion ($10.5 billion). There were 251 (249) trading days in FY2025.
Overall average net clearing fees8 increased 5.1% to 2.59 basis points (bps) (2.46 bps). Turnover velocity (primary-listed) was 41% (37%).
The increase in securities settlement, depository management, corporate actions and other revenue was mainly driven by higher-yielding subsequent settlement transactions.
The decrease in transaction-based expenses was mainly due to lower incentives.
Others
1 Adjusted EBITDA, NPAT and EPS exclude certain non-cash and non-recurring items that have less bearing on SGX's operating performance. Hence, they better reflect the group's underlying performance. Adjusted figures are non-SFRS(I) measures.
2 Transaction-based expenses primarily include processing and royalties.
3 Please refer to Note 45 in the Notes to the Financial Statements for further disclosure on comparative information.
4 Includes associated treasury income. Treasury income declined by $6.5 million.
5 Operating and net revenue for Fixed Income were comparable as transaction-based expenses were not material.
6 Cash Equities include ordinary shares, real-estate investment trusts and business trusts.
7 Other Products include structured warrants, exchange-traded funds, daily leverage certificates, debt securities and American depository receipts.
8 Computed based on net revenue.
Equities - Derivatives
$88.8m
Equities - Derivatives net revenue increased by $42.0 million or 13.8% to $345.9 million ($303.9 million) and accounted for 26.6% (26.2%) of total net revenue.
Equities - Derivatives
Trading and clearing revenue
$29.6m
$286.7m
Transaction-based expenses
11.9% from $256.1m
1.6% from $30.1m
Treasury and other revenue
14.0% from $77.9m
Equity derivatives volumes increased 10.3% to 175.8 million contracts (159.3 million contracts), mainly due to higher volumes in FTSE China A50 and GIFT Nifty 50 index futures contracts, partially offset by lower volumes in Nikkei 225, FTSE Taiwan, and MSCI Singapore index futures contracts.
Average Net Fees9
Average net fee per contract for Equity, Currency and Commodity derivatives was marginally lower at $1.29 ($1.31).
Platform and Others
Platform and Others net revenue increased $6.9 million or 3.0% to $238.0 million ($231.1 million) and accounted for 18.3% (19.9%) of total net revenue.
Platform and Others
Market data revenue
8.0% from $47.9m
Connectivity revenue
11.8% from $77.2m
$51.8m
$86.3m
Indices and other revenue Transaction-based expenses
$110.5m
3.9% from $115.1m
$10.6m
17.1% from $9.1m
The increase in market data revenue was mainly due to repricing. The increase in connectivity revenue was mainly due to higher co-location sales and repricing. The decline in indices and other revenue was mainly due to lower revenue from Scientific Beta.
Transaction-based expenses increased mainly due to higher data fees.
9 Computed based on net revenue
Performance Overview
Financial Performance | |||||
($million) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
Statement of Income | |||||
Operating revenue less transaction-based expenses (net revenue)1 | 993 | 1,030 | 1,121 | 1,162 | 1,298 |
Operating expenses1 | 368 | 396 | 433 | 460 | 470 |
Earnings before interest, tax, depreciation and amortisation | 625 | 634 | 688 | 702 | 828 |
Depreciation and amortisation | 95 | 97 | 98 | 96 | 85 |
Operating profit | 531 | 537 | 590 | 606 | 743 |
Profit before tax and share of results of associated | |||||
Summary
Group Overview
companies and joint ventures 541 555 689 723 803
Value Creation & Sustainability
Net profit attributable to equity holders 445 451 571 598 648
Others
Financials
Governance
Statement of Cash Flows
Cash flows from operating activities 553 584 447 616 842
Statement of Financial Position
Total assets 3,023 3,848 3,781 3,985 4,144
Total liabilities 1,633 2,299 2,078 2,024 1,944
Total equity 1,390 1,549 1,704 1,961 2,200
Capital expenditure 51 55 59 66 68
No. of shares issued (million) 1,072 1,072 1,072 1,072 1,072
No. of shares held as treasury shares (million) 3 4 4 3 3
Financial Indicators
Net revenue growth2 (%) (0.6) 3.7 8.9 3.6 11.7
Operating profit margin2 (%) 53.4 52.2 52.6 52.2 57.2
Cost-to-income ratio2 (%) 46.6 47.8 47.4 47.8 42.8
Gearing ratio 0.3 0.5 0.4 0.3 0.3
Net asset value per ordinary share as at 30 June (dollars) 1.30 1.45 1.59 1.83 2.06
Based on net profit attributable to equity holders
Net profit margin2 (%) 44.9 43.8 50.9 51.5 49.9
Return on equity (%) 33.9 30.8 35.2 32.6 31.2
Dividend payout ratio (%) 76.9 75.8 60.8 61.7 61.9
Basic earnings per share (cents) 41.6 42.2 53.4 55.9 60.6
1 The presentation of revenue and expenses has been revised in FY2025 such that transaction-based expenses are netted-off against the operating revenue to show net revenue. FY2024 financials have been revised for a like-for-like comparison. Net revenue for FY2021-FY2023 is calculated as operating revenue less processing and royalties, as a proxy.
2 Calculated on a net revenue basis.
Business at a Glance
Operating Profit
$743mNet Profit
$648mEarnings per Share
60.6¢Dividend per Share
37.5¢Currencies and Commodities (24%)
Equities -Cash (30%)
19% - Trading and clearing
5% - Treasury and other
Fixed Income (1%)
1% - Listing, corporate actions and other
Fixed Income, Currencies and Commodities (FICC)
25%
Equities - Cash
30%
Net Revenue
Market data (4%)
$1,298m
12% from $1,162m
Connectivity (6%)
Platform and Others
18%
Equities - Derivatives
27%
Indices and other (8%)
2% - Listing
17% - Trading and clearing
7% - Securities settlement and depository management
4% - Corporate actions and other
Equities -Derivatives (27%)
20% - Trading and clearing
7% - Treasury and other
Group
Overview
Celebrating 25 Years of Excellence
For 25 years, SGX Group has stood as a beacon of trust, resilience and innovation in global finance, reaching across continents with roots firmly in Singapore.
Celebrating Our Milestones
From bold innovations to global growth, SGX Group's journey has been defined by key milestones and three guiding pillars that continue to shape our future - One
Trusted Ecosystem, Multiple
2025
SGX Group 25th anniversary
2021
2020
Scientific Beta acquisition
2019
2018
SGX New York office opening
Freightos investment
2017
2016
Baltic Exchange acquisition
Avenues of Growth, Global Relevance and Influence.
MaxxTrader acquisition
SGX Gujarat office opening
Climate Impact X and Marketnode investment
BidFX acquisition
Energy Market Company acquisition
SGX RegCo launch
SGX Chicago office opening
CapBridge investment
Singapore Exchange Annual Report 2025 11
From our pioneering days, we have consistently punched above our weight, connecting Asia to the world and simplifying access to its dynamic markets. As the exchange partner
of choice, we have built a robust international ecosystem, enabling seamless trading and sustainable growth through the trusted neutrality market participants know us for. SGX Group builds thriving marketplaces
that stand the test of time -networks where businesses and investors can grow with confidence. By creating new engines of growth, we continue to redefine what an exchange can be, reinforcing our impact on the global stage. Guided by these foundational pillars, we will remain steadfast in our mission to shape the future of capital markets with clarity, scale and purpose.
Group Overview
Performance Overview
Read more about our stories her Scan the code sgxgroup.com/25
2014
SGX Hong Kong and Mumbai office opening
2010
SGX London office opening
2008
Singapore Commodity Exchange Limited (SICOM) acquisition
SGX Beijing and Tokyo office openings
2002
ETFs launch
REITs launch
1999
Formation of merger of the Exchange of S (SES) and Sing International Exchange (SIM
2015
SGX Shanghai office opening
2013
First clearing house in Asia authorised as Derivatives Clearing Organization by
Others
Financials
Governance
U.S. CFT
2009
World's first cleared iron ore swap contracts launch
2007
Catalist launch
2000
Value Creation & Sustainability
First exchange in Asia-Pacific listed via a public offer and a private placement
Letter from the Chairman
Dear Shareholders
One of the greatest privileges of my life has been to experience first-hand Singapore's remarkable transformation from a colony in the 1950s to a dynamic, globally connected city-state we can be proud of. As we celebrate 60 years of independence, those old enough to have witnessed the nation's
rise from uncertain beginnings to prosperity will remember the journey as both daunting and exhilarating. What has been
achieved is a testament of national ambition and collective resolve.
Vision and Policy
At every step, Singapore has aimed to lead. We are well-known globally for planning ahead and investing strategically for the future. From shipping to telecommunications, manufacturing to air hubs, wealth management to venture capital (VC), our progress stems from the courage of our policymakers.
At the risk of oversimplification, this arises from two interrelated
factors. One: a daring vision of what the future can look like. And two: a policy framework designed to make that vision attainable. In short, vision lights the path of progress and bold policy carries us forward.
Let me cite just two examples to illustrate this. In the late 1960s, Dr Goh Keng Swee's vision was to transform the swamplands of western Singapore, laying the foundation for Jurong as
a thriving industrial zone. Texas Instruments and Hewlett-Packard (whom I worked for) were among the first multinational corporations (MNC) to arrive in the early 1970s. The policy framework to accompany and energise this vision led to
the creation of the Economic Development Board (EDB) and Jurong Town Corporation (JTC).
The rest is history, reflected in the multitude of MNCs that now call Singapore home.
Similarly, around the 1990s,
Dr Tony Tan envisioned Singapore as an international research and development (R&D) hub, beyond being a manufacturing-only centre, at a time when it was crucial to support MNCs as they created new products and new intellectual property. This led to a policy framework that created the National Research Foundation to allocate funding, A*STAR to initiate collaboration with the private sector, as well as elevating our universities from teaching institutions to centres of excellence for both education and research. That is one reason why a country of our size has two universities among the world's top 20 today.
"In short, vision lights the path of progress and bold policy carries us forward."
In the same spirit, we must now ask ourselves whether we hold the same ambition for our capital markets. A successful capital market is a national asset that creates jobs and wealth, enables our best ideas and companies to scale, and paves the way for our country to secure its place in the world. It can propel Singapore economically, just as the vision for R&D had helped elevate our per-capita GDP from under US$14,000 to over US$90,000 in 30 years.
Across Southeast Asia today, nearly 14,000 startups are being backed by VCs. While many may not succeed, hundreds will mature, each seeking to return capital to investors. Supply is not an issue. A few may list on the largest global exchanges, while the rest will require a different venue and solution. Not every one of them will be a unicorn
- and that is precisely the point. A healthy, vibrant capital market must serve not only
the exceptional few but the promising many. What is clear is that everyone seeks a vibrant equity market that is liquid and fairly valued.
In my view, there is currently a gap in this space, one that will inevitably be filled as the VC market in Southeast Asia cannot be sustained as long as capital is not recycled. Trade sales alone will not fulfill this role. It is my hope that SGX Group will rise to meet this need, supported by
an enabling policy framework that aligns market incentives with the long-term growth of the ecosystem.
And here's the hard truth: if our best companies choose to list overseas, the implications go far beyond SGX Group. Over time, the entire value chain -investment bankers, corporate
Group Overview
Performance Overview
Singapore, for instance, leads global iron ore trading not due to natural resources, but because we were the first to act - demonstrating that in
markets, liquidity attracts even more liquidity.
Of course, first-mover risks exist.
But with one of the highest per-capita GDPs in the world,
Value Creation & Sustainability
Singapore can no longer rely on imitation to chart its next phase of progress. If we shy away from taking calculated risks, we stand to lose ground to those more willing to lead.
lawyers, accountants - will shift to jurisdictions where the action is. Singapore may remain a booking centre, but the talent, innovation and higher-value margins will find their home elsewhere. We need an ambitious and broad vision for our capital markets beyond equities and a policy framework that will give us a chance to realise that vision.
First Mover Risk and Reward
Having begun my career in the physical-goods sector, I have seen that first movers were not always the biggest winners; followers often refine ideas and surpass pioneers. Yet, in capital markets, being the first mover is crucial.
Liquidity, once established, is hard to shift.
To be sure, we must continue to uphold high standards.
Disclosure-based regimes work well when the market is allowed to price risk, not when the system seeks to eliminate it.
Governance
Likewise, protecting retail investors is not about shielding them from risk, because risk will find them. It is about equipping them to face it in our markets and on our terms, before others do it on theirs. In this regard,
Financials
I welcome the Monetary Authority of Singapore (MAS) announcement in July 2025 to reframe product suitability to place the onus more on investor decision than by regulatory mandate. It is a move to right the balance between fiat and individual choice. We can be bold in entrepreneurship, not just
in our startups, but in our policy thinking.
Sustainable Flow vs Stochastic Input
Others
I am also encouraged that the Equities Market Review Group has taken steps in the right direction to strengthen the competitiveness of the Singapore equities market. But this is just the start. As we have
Letter from the Chairman
done so for many other sectors, these efforts must compound at every stage of development.
In financial markets, sustainable flow is essential if our ambition is to build a lasting ecosystem. Singapore's path to becoming an R&D hub offers a compelling example of this principle in
action, beginning with a $2 billion investment under the first National Technology Plan in 1995. This was followed by $4 billion in the Science and Technology Plan of 2000, which increased to $6 billion in 2005,
$13.5 billion in 2010, $16 billion in the Research, Innovation and Enterprise (RIE) Plan of 2015,
$19 billion in 2020 and $25 billion in 2025. This deliberate flow of investment has not only sustained a robust innovation ecosystem in step with Singapore's economic
development, but underscores how meaningful progress is achieved through consistent, long-term commitment - not one-off efforts.
Likewise, our capital markets require a continuous commitment of resources and strategic direction. We are deeply encouraged by the government's injection of $5 billion to kick start the creation of our domestic asset-management
"...in capital markets, being the first mover is crucial. Liquidity, once established, is hard to shift."
ecosystem. If the flow is maintained and well-managed, we can lay the groundwork for a thriving asset-management industry that supports future economic growth.
Conclusion
The government, regulators and SGX Group alone cannot fully shape the outcome for Singapore. In addition to being more willing to take first-mover risks, we also
need individuals to take greater responsibility for their own decisions. These are inescapable factors that make a market.
Therefore, I urge all stakeholders to come together and actively participate in shaping the future of our capital markets. By working collaboratively, we can create an environment that supports innovation, growth and resilience,
ensuring Singapore remains a global leader in the financial sector.
Ultimately, what is at stake today is not about preserving the past, but to forge what we must become. That future will be shaped not only by structures and statutes, but by the character
of our institutions and the courage of all of us to take some risks and keep pressing forward.
Thank you for your continued support and belief in what we stand for. SGX Group remains committed to building not just a stronger marketplace, but a stronger Singapore.
Koh Boon Hwee
Chairman
Words of Appreciation
Our Board of Directors continues to provide SGX Group with a wealth of experience, expertise and diverse perspectives that guide our strategic direction and governance. Ms Lim Sok Hui (Mrs Chng), who has served on the SGX Board since December 2015, will be stepping down from the Board upon conclusion of the Annual General Meeting. She has made invaluable contributions over the years, serving as our Risk Management Committee Chair and we have benefitted from her insights and experience. On behalf of the Board and management, we would like to express our deepest appreciation to Ms Lim for her many years of dedicated service and contribution.
Performance Overview
Letter from
the Chief Executive Officer
Dear Shareholders
Group Overview
Governance
Value Creation & Sustainability
As SGX Group marks its 25th anniversary this year, we take a moment to reflect on how far we have come and more importantly, where we are headed. In FY2025, we delivered our strongest performance to date, with our highest revenue and net profit since listing. These results were shaped by choices made over many years: to diversify our business across multiple asset classes, expand our global reach and build a platform that earns the trust of market participants and stays relevant in every market condition.
This past year, we navigated a complex and often volatile environment marked by shifting international trade dynamics, persistent inflation risks as well as divergence in monetary policy.
Against this backdrop, the world's investors turned to SGX Group to manage risk, access and deploy capital efficiently. Our performance was broad-based, with growth across all major business lines.
Leading with Synergies across Asian Derivatives Our cross-selling efforts in SGX Derivatives resonated strongly with clients who value synergies across asset classes. Investors are increasingly drawn to the
breadth of our pan-Asian offering, with seamless access to key markets including China, India, Japan, Taiwan and ASEAN. This regional connectivity amplified interest in our product offering, reflecting a growing appetite for diversified exposure across Asia's dynamic economies.
We intensified our push on China-themed products, driving increased adoption of our CNH and iron ore products, alongside our flagship SGX FTSE China A50 Index Futures.
Financials
Similarly, adoption of our India suite strengthened, with more clients trading both our GIFT Nifty and
INR contracts.
Derivatives volumes rose to new highs, underpinned by robust activity across our product shelf. Across equities, foreign exchange (FX) and commodities, total daily average volume (DAV) rose 17% in FY2025,
supported by broad-based growth as investors managed risk and sought exposure through our platform.
Others
Overnight volume in the T+1 sessions contributed 21% to total volume compared with 18% a year ago, highlighting the growing relevance of our offering to international participants and reinforcing our venue's role in connecting global capital to Asia's key exposures.
Letter from
the Chief Executive Officer
In our market-leading equity derivatives franchise, we expanded our pan-Asia index suite with the launch of the Micro FTSE Taiwan index futures contract. This was designed for investors seeking more precise exposure and cost-efficient access to Taiwan equities - a market that has seen heightened activity on the back of structural demand for AI and digitalisation.
Innovating at Scale in FX and Commodities
We made strides in SGX FX, reflecting our commitment to customer centricity. Our franchise grew at pace during the year, with higher volumes, deeper client engagement and improved operating leverage.
SGX FX is now among the top three exchange-backed over-the-counter (OTC) FX venues by volume, with a global reach expanding to over 200 institutional clients across 12 cities. This is a notable achievement in a relatively short span of time. With increased client adoption and participation, coupled with new product development, average daily volume (ADV) increased 28% to
US$143 billion, representing the fastest year-on-year growth among peer exchanges.
We are working hard to stay ahead of the curve by delivering unique access to multi-asset liquidity, advanced trading workflows and proprietary data and analytics tools for institutional FX clients.
In SGX Commodities, our iron ore franchise extended its global leadership, with the milestone inclusion of the benchmark 62% Fe contract in S&P Global's Dow Jones Commodity Index in 2025. This signals strong investor demand for an investable product in iron ore, Asia's first global commodity. Our freight derivatives saw increased traction among both financial and physical market participants. The integrated ferrous-freight solution we have built is now recognised by clients around the world as an essential tool for managing their dry-bulk exposure.
Setting the Foundation for Tomorrow's Markets
We are working closely with the Monetary Authority of Singapore
(MAS) and partners across the ecosystem to further strengthen the Singapore stock market. In FY2025, the market saw renewed interest and increased fund flows into non-index stocks, while the bellwether Straits Times Index (STI) charted new heights.
"We will continue to innovate with purpose - developing customer-centric products that anticipate market shifts, expanding through strategic asset acquisitions and deploying capital with discipline to build on our strengths and unlock long-term value."
Securities daily average value (SDAV) increased 27% to $1.3 billion, marking a four-year high, with
year-on-year growth outperforming ASEAN peers. Investors showed increased interest beyond index names, while fund flows into Singapore equities remained positive. Market vibrancy
improved, as did the IPO pipeline -encouraging signs of confidence returning to the broader ecosystem.
Building on this momentum, the MAS Equities Market Review Group (EMRG) will serve as a powerful tailwind. The renewed focus on Singapore equities has been encouraging. As the Review Group initiatives are progressively rolled out, we look forward to the measures helping to lay a stronger foundation for the Singapore stock market to grow sustainably.
Delivering Sustained Shareholder Value Underpinning all this is the maturity of our multi-asset strategy, a blueprint we developed over the past decade to withstand volatility, capture growth and scale efficiently. In FY2025, that strategy performed well under pressure, delivering consistent results for market participants and stakeholders alike.
We also made important progress on longer-term initiatives. In SGX FX, we are expanding the use of artificial intelligence (AI) and analytics in our platforms to enhance the trading experience for our clients. In our stock market,
we are laying the groundwork to introduce instruments such as new categories of structured products, giving investors more options to execute their trading ideas. Strategic partnerships remain a key pillar of our growth strategy by extending our reach and enhancing our product suite. Our collaboration with Brazil's B3 exchange is the latest example that brings this approach to life, enabling us to expand our listed FX offering
to the Brazilian real and marking our entry into emerging market currencies beyond Asia.
These steps are deliberate - and necessary. Global capital flows are changing, not only in direction but in structure. Market participants are looking for liquidity and efficiency across borders, time zones and instruments. SGX Group is well-positioned for this: we connect East and West, primary and secondary markets, listed and OTC.
Others
Financials
Looking ahead, we will continue to build out a high-quality, multi-asset product shelf - identifying
opportunities across asset classes, geographies and themes. With a focused sales strategy and targeted client-acquisition efforts extending beyond Asia, we can further deepen client partnerships and grow our global footprint.
To complement our organic growth, we will explore opportunistic investments, including bolt-on acquisitions that
are strategically aligned and value-accretive to the Group. Overall, the investments we make will help create a future-ready infrastructure to support our multi-asset, global expansion.
Even as we actively invest to drive sustainable growth, we will seek to manage our expenses with discipline.
Our capital position gives us the flexibility to invest for growth while delivering long-term value to our shareholders. Subject to Board approval, we expect to steadily increase dividends by 0.25 cents every quarter from FY2026 to FY2028. This reflects our commitment to delivering sustained earnings through advancing our multi-asset strategy.
Building Marketplaces that Stand the Test of Time
Group Overview
Performance Overview
SGX Group began 25 years ago as a forward-looking merger of Singapore's cash and derivatives exchanges. Today, we are a multi-asset, internationally impactful platform that serves as a gateway to Asia and increasingly, a trusted partner within the global capital infrastructure. We have built the capabilities to grow with our clients
- across products, across time zones and across cycles.
Value Creation & Sustainability
Thank you for your enduring support and trust in SGX Group. We will continue to innovate with purpose -developing customer-centric products that anticipate market shifts, expanding through strategic asset acquisitions and deploying capital with discipline to build on our strengths and unlock long-term value. As we look forward, we proceed with confidence: in our business strategy, in our people and in our role in shaping the future of capital markets.
Governance
Loh Boon Chye
Chief Executive Officer
Our Global Footprint
Offices across
19 citiesAs Asia's most international exchange, we offer multiple avenues of growth to a global network of clients and partners, through one trusted ecosystem.
Amsterdam
Beijing
Mumbai
London
Johannesburg
Hong Kong
New York
Nice
Pune Shanghai
Value Creation & Sustainability
Performance Overview
Chicago
Dubai
Edinburgh
Group Overview
Helsinki
Gujarat
Geneva
Others
Financials
Governance
Singapore
Sydney
Tokyo
Teo Ai June
Marketing & Communications
Herry Cho
Sustainability
& Sustainable Finance
Ng Yao Loong
Equities
Daniel Koh
Finance & Corporate Development
Pol de Win
Global Sales & Origination
Michael Syn
President & Head of Global Markets Division
CEO
Loh Boon Chye
Organisation
Number of Employees1 Average Length of Service
1 Includes all permanent and temporary employees across SGX Group.
Employee Retention2
86%
Average Training Hours per Employee3
24 h
49 hours
2 Includes permanent employees across SGX Group. 3 Includes permanent employees in SGX.
Tan Boon Gin
SGX RegCo
Tinku Gupta
Operations & Technology
Tinku Gupta (Interim)
Group Technology
Agnes Koh
Risk Management
Chairman
SGX RegCo Prof. Tan Cheng Han
Geraldine Tan
Internal Audit
Glenn Seah
Legal, Compliance & Corporate Secretariat
Angela Ryan
Human Resources
Group Overview
Governance
Value Creation & Sustainability
Performance Overview
Gender Diversity
55%Male
45%Financials
Female
13%
68%
19%
Age Diversity
Below 30
Between 30 and 50
Over 50
Geographical Diversity
74%
8%
18%
Singapore
Others
Asia Ex Singapore
Rest of the world
05
01
02
06
03
04
Board of Directors
07
07
10
09
13
08
12
11
Group Overview
Financials
Governance
Value Creation & Sustainability
Performance Overview
01 Mr Koh Boon Hwee 02 Mr Loh Boon Chye 03 Dr Beh Swan Gin 04 Ms Julie Gao
Mr Lim Chin Hu
Datuk Maimoonah Hussain
Mr Stuart Lewis
Ms Lim Sok Hui (Mrs Chng)
Ms Lin Huey Ru
Others
Ms Claire Perry O'Neill
Mr Samuel Tsien
Mr Yeoh Oon Jin
Ms Soh Shin Yann Susan
Board of Directors
Mr Koh Boon Hwee
Chairman
Non-Executive and Independent Director
Date of first appointment as a director
15 March 2022
Date of appointment as Chairman
1 January 2023
Date of last re-election as a director:
10 October 2024
Length of service as a director
3 years 3 months (as at 30 June 2025)
SGX Board Committee Membership
Academic & Professional Qualification
Doctor of Letters (Honorary), Nanyang Technological University
Doctor of Science (Honorary), Imperial College London
Major Appointment (other than Directorship)
Academy of Engineering Singapore (Fellow)
General Atlantic Singapore Fund Management Pte Ltd (Senior Advisor)
Research, Innovation & Enterprise Council (Member)
Securities Industry Council (Chairman)
Past Directorship other than SGX held over the preceding three years (from 30 June 2022 to 29 June 2025)
Bank Pictet & Cie (Asia) Ltd.
Carnegie Endowment for International Peace
Climate Governance Singapore Limited (Advisory Board Member)
Far East Orchard Limited (Chairman)
The William and Flora Hewlett Foundation
Mr Loh Boon Chye
Chief Executive Officer
Executive and Non-Independent Director
Singapore Exchange Securities Trading Limited
The Central Depository (Pte) Limited
Verified Impact Exchange Holdings Pte. Ltd.
Major Appointment (other than Directorship)
Glasgow Financial Alliance for Net Zero (GFANZ) APAC Network Advisory Board (Member)
Glasgow Financial Alliance for Net Zero (GFANZ) Principals Group (Principal)
MAS Financial Centre Advisory Panel (Member)
NUS Medicine International Council (Council Member)
Sim Kee Boon Institute for Financial Economics Advisory Board at Singapore Management University (Chairman)
Singapore Green Finance Centre (SGFC) Advisory Board (Co-Chairman)
The Institute of Banking and Finance (Council Member)
Master in Business Administration (Distinction), Harvard Business School
The Pyramid (Management Committee Member)
Bachelor's Degree (First Class Honours) in Mechanical Engineering, Imperial College of Science and Technology, University of London
Present Directorship other than SGX (as at 30 June 2025)
Listed company
Agilent Technologies, Inc in USA, listed on the New York Stock Exchange (Chairman)
Others (non-listed company)
Altara Investment II VCC
Altara GP Pte. Ltd.
Altara Ventures GP Pte. Ltd.
Altara Ventures Pte. Ltd. (Chairman)
Black Kite Capital Private Limited
Black Kite Investments Private Limited
Ficofi Partners Holding Pte. Ltd.
GIC Private Limited
Innovalues Holdings Pte. Ltd.
Rippledot Capital Advisers Pte. Ltd. (Chairman)
Sunningdale Tech Ltd. (Chairman)
Sunrise Technology Investment Holding II Pte. Ltd.
Weybourne Holdings Pte. Ltd.
Non-listed Overseas Company
Altara Ventures GP Limited
Credence Capital Fund II (Cayman) Limited
First Spring Ltd
Sunrise Technology Investment Holding (Cayman) Pte Ltd
Date of first appointment as a director
20 July 2015
Date of next re-election as a director:
9 October 2025
Length of service as a director
9 years 11 months (as at 30 June 2025)
SGX Board Committee Membership
Nil
Academic & Professional Qualification
Bachelor of Engineering (Mechanical), National University of Singapore
Present Directorship other than SGX (as at 30 June 2025)
Listed company
Nil
Others (non-listed company)
BC Capital Ltd
BC Capital Management Pte. Ltd.
BC Capital Properties, LLC
BC Investment Management Pte. Ltd.
Climate Impact X Pte. Ltd.
GIC Private Limited
Gym & Sports Pte. Ltd. (Chairman)
SGX Bond Trading Pte. Ltd.
Singapore Exchange Derivatives Clearing Limited
Singapore Exchange Derivatives Trading Limited
United Nations Sustainable Stock Exchanges Initiative (Independent Advisory Committee Member)
World Federation of Exchanges (Board Member and Chairman)
Past Directorship other than SGX held over the preceding three years
(from 30 June 2022 to 29 June 2025)
BC Capital Properties Holdings LLC
Dr Beh Swan Gin Non-Executive and Independent Director
Date of first appointment as a director
1 February 2020
Date of last re-election as a director:
10 October 2024
Length of service as a director
5 years 5 months (as at 30 June 2025)
SGX Board Committee Membership
(Chairman)
(Member)Academic & Professional Qualification
Advanced Management Programme, Business Administration and Management, Harvard Business School
Sloan Fellow, Master of Science Management, Stanford Graduate School of Business
M.B., B.S., Medicine, National University of Singapore
Present Directorship other than SGX (as at 30 June 2025)
Listed company
Nil
Others (non-listed company)
CapitaLand Ascendas REIT Management Limited (Chairman)
Major Appointment (other than Directorship)
Young Presidents' Organisation (Member)
Past Directorship other than SGX
Present Directorship other than SGX (as at 30 June 2025)
Listed company
Nil
Others (non-listed company)
Nil
Major Appointment (other than Directorship)
ByteDance (Chief Financial Officer)
Past Directorship other than SGX held over the preceding three years (from 30 June 2022 to 29 June 2025) Nil
Mr Lim Chin Hu Non-Executive and Independent Director
Synapxe Pte. Ltd. (fka Integrated Health Information Systems Pte. Ltd.) (Subsidiary of Ministry of Health Holdings)
Group Overview
Performance Overview
SPTel Pte Ltd (Subsidiary of STEngg)
Major Appointment (other than Directorship)
Sentosa Development Corporation (Audit Committee Member)
Past Directorship other than SGX held over the preceding three years (from 30 June 2022 to 29 June 2025)
Citibank Singapore Limited
Heliconia Capital Management Pte Ltd
Kulicke & Soffa Incorporated (Listed on Nasdaq)
Value Creation & Sustainability
Vanda 1 Investments Pte. Ltd.
held over the preceding three years (from 30 June 2022 to 29 June 2025)
Datuk Maimoonah Hussain
Non-Executive and
Economic Development Board
EDB Investments Pte Ltd
EDBI Pte. Ltd.
Enterprise Singapore
Human Capital Leadership Institute Pte. Ltd.
Lucasfilm Animation Singapore Pte Ltd.
National Research Foundation
Nurasa Holdings Pte Ltd
Nurasa Pte Ltd
Ms Julie Gao
Non-Executive and Independent Director
Date of first appointment as a director
1 May 2023
Date of next re-election as a director:
9 October 2025
Length of service as a director
2 years 2 months (as at 30 June 2025)
SGX Board Committee Membership
(Member)Academic & Professional Qualification
Executive Education, Finance, Harvard Business School
Juris Doctor, UCLA School of Law
Master of Arts - MA, Sociology, The University of Alabama
Bachelor of Laws - LLB, Peking University
Date of first appointment as a director
21 September 2017
Date of next re-election as a director:
9 October 2025
Length of service as a director
8 years (as at 30 June 2025)
SGX Board Committee Membership (Chairman)
(Member) (Member)Academic & Professional Qualification
Bachelor of Applied Science, La Trobe University, Australia
FSID - Fellow, Singapore Institute of Directors
Present Directorship other than SGX (as at 30 June 2025)
Listed company
G -Able Public Company Limited (Listed in Stock Exchange of Thailand)
Singapore Technologies Engineering Ltd ("STEngg")
Others (non-listed company)
Certis Cisco Security Pte Ltd
Singapore Health Services Pte. Ltd. ("SingHealth")
Aescaplus Holdings Private Limited (Subsidiary of SingHealth)
Alps Pte. Ltd. (Subsidiary of SingHealth)
Hi-P International Pte. Ltd.
Swan & Maclaren Group Pte. Ltd.
Independent Director
Date of first appointment as a director:
10 October 2024
Length of service as a director
9 months (as at 30 June 2025)
SGX Board Committee Membership
Governance
(Member)Academic & Professional Qualification
Bachelor of Accountancy, National University of Singapore
Chartered Banker
Present Directorship other than SGX (as at 30 June 2025)
Listed company
Hong Leong Asia Ltd
Others (non-listed company)
Financials
Ekuiti Nasional Berhad
GX Bank Berhad
Lam Soon (M) Berhad
National Gallery of Singapore
U Mobile Holdings Bhd
Major Appointment (other than Directorship)
Council of Board Diversity
Others
Past Directorship other than SGX held over the preceding three years (from 30 June 2022 to 29 June 2025) Nil
Board of Directors
Mr Stuart Lewis Non-Executive and Independent Director
Date of first appointment as a director:
10 October 2024
Length of service as a director
9 months (as at 30 June 2025)
SGX Board Committee Membership
(Member)Academic & Professional Qualification
LLB (Hons), University of Dundee
LLM (Merit), London School of Economics
Law Society, College of Law, Guildford
Present Directorship other than SGX (as at 30 June 2025)
Listed company
NatWest Group PLC
Others (non-listed company)
Nil
Major Appointment (other than
Present Directorship other than SGX (as at 30 June 2025)
Listed company
Nil
Others (non-listed company)
Changi Airport Group (Audit Committee Chairman)
Major Appointment (other than Directorship)
CareShield Life Council (Member)
DBS Bank Ltd (Chief Financial Officer)
International Women's Forum (Singapore) (Member)
Nanyang Technological University (Member of Board of Trustees, Audit & Risk Committee Chairman)
Past Directorship other than SGX held over the preceding three years (from 30 June 2022 to 29 June 2025)
DBS Bank India Ltd
Ms Lin Huey Ru Non-Executive and Independent Director
Fin Venture Capital Management LLC (Senior Advisor)
TrueLayer (Advisor)
Past Directorship other than SGX held over the preceding three years (from 30 June 2022 to 29 June 2025)
Adelante Financial Solutions SAS ("Addi") (Board Observer (2021-2024))
Flexport (President of Asia)
GGV Capital Pte. Ltd. (Venture Partner (2021 - 2024))
PayU Payments Private Limited, the Payments and Fintech Division of Prosus (Member of FinTech Advisory Board (2019-2023))
Monetary Authority of Singapore (Member of International Technology Advisory Panel (2021 - 2023))
Grabtaxi Holdings Private Limited, a subsidiary of Grab Holdings Limited (Advisor to Senior Management (2021-2022))
Ms Claire Perry O'Neill Non-Executive and Independent Director
Directorship)
Nil
Past Directorship other than SGX held over the preceding three years (from 30 June 2022 to 29 June 2025) Nil
Ms Lim Sok Hui (Mrs Chng)
Non-Executive and
Non-Independent Director
Date of first appointment as a director
1 December 2015
Date of last re-election as a director
6 October 2022
Length of service as a director
9 years 7 months (as at 30 June 2025)
SGX Board Committee Membership
(Chairman)Academic & Professional Qualification
Bachelor of Accountancy (Honours), National University of Singapore
Chartered Financial Analyst (CFA)
Certified Financial Risk Manager (FRM)
Fellow Chartered Accountant of Singapore
IBF Distinguished Fellow
Date of appointment as a director
1 May 2023
Date of last re-election as a director:
5 October 2023
Length of service as a director
2 years 2 months (as at 30 June 2025)
SGX Board Committee Membership
(Member)
(Member)Academic & Professional Qualification
Masters in Administration, Policy Anaysis and Evaluation, Stanford University
Bachelors in Biological Science and Psychology, Carnegie Mellon University
Present Directorship other than SGX (as at 30 June 2025)
Listed company
Hang Seng Bank
Others (non-listed company)
Bassett & Walker International, Inc
Nium
Major Appointment (other than Directorship)
Terraformation, Inc. (Special Projects)
Chainlink Labs (Advisor)
Growtheum Capital Partners (Advisor)
Date of first appointment as a director
5 October 2023
Length of service as a director
1 year 8 months (as at 30 June 2025)
SGX Board Committee Membership
(Member)Academic & Professional Qualification
Master of Business Administration, Harvard Business School, USA
Bachelor of Arts (with Honours), Geography, University of Oxford, United Kingdom
Present Directorship other than SGX (as at 30 June 2025)
Listed company
Occidental Petroleum (OXY)
Others (non-listed company)
Climate Impact X
Singapore Exchange Regulation Pte. Ltd.
Major Appointment (other than Directorship)
GHGSat (Global Advisor - Part-time)
Hysata Pty Ltd (Advisor)
McKinsey & Company (Senior Global Advisor - Part-time)
NEOM (Member of International Steering Committee for the Environment)
Performance Overview
World Business Council for Sustainable
Mr Yeoh Oon Jin Non-Executive and Independent Director
Ms Soh Shin Yann Susan Proposed Non-Executive and Independent Director
Group Overview
Development (Imperatives Advisory Board - Part-time)
Past Directorship other than SGX held over the preceding three years (from 30 June 2022 to 29 June 2025)
Scottish Power
Windward AI
Terrascope (Advisor)
Mr Samuel Tsien Non-Executive and Independent Director
Date of first appointment as a director
1 May 2022
Date of last re-election as a director:
10 October 2024
Length of service as a director
3 years 2 months (as at 30 June 2025)
SGX Board Committee Membership (Member)
(Member) (Member)Academic & Professional Qualification
Bachelor's Degree, Economics, University of California, Los Angeles
Present Directorship other than SGX (as at 30 June 2025)
Listed company
Jardine Cycle & Carriage Ltd (Lead Independent Director)
MPACT Management Ltd (Non-Executive Chairman & Director)
Others (non-listed company)
Mapletree Investments Pte Ltd (Director)
Major Appointment (other than Directorship)
Nil
Past Directorship other than SGX held over the preceding three years (from 30 June 2022 to 29 June 2025)
OCBC Hong Kong Ltd
Date of first appointment as a director
1 July 2021
Date of last re-election as a director:
5 October 2023
Length of service as a director
4 years (as at 30 June 2025)
SGX Board Committee Membership
(Chairman)
(Member)Academic & Professional Qualification
Accounting (First Class Honours), University of Birmingham, England
Present Directorship other than SGX (as at 30 June 2025)
Listed company
Singapore Airlines Limited (Chairman of Audit Committee)
Others (non-listed company)
Carsome Group Inc. (Board Member and Chairman of Audit Committee)
Kidney Dialysis Foundation Limited (Member of Audit Committee)
Singapore Health Services Pte Ltd (Chairman of Population Health Committee and Member of Budget and Investment Committee)
Singapore Land Authority (Chairman)
Trust Bank Singapore Limited (fka SC Bank Solutions (Singapore) Limited) (Chairman of Audit Committee)
Major Appointment (other than Directorship)
Celligenics (Advisory Board)
ICAEW Singapore Advisory Board (Chairman)
Lien Foundation (Independent Governor)
Monetary Authority of Singapore (Corporate Governance Advisory Committee Member)
Singapore Institute of Directors (Chair of the Governing Council)
Past Directorship other than SGX held over the preceding three years (from 30 June 2022 to 29 June 2025)
Others
Singapore Business Federation
Proposed date of first appointment as a director
9 October 2025
Academic & Professional Qualification
Bachelor of Accountancy, National University of Singapore
Chartered Accountant of Singapore
Present Directorship other than SGX (as at 30 June 2025)
Listed company
Value Creation & Sustainability
Nil
Others (non-listed company)
Avanda Investment Management Pte. Ltd. (Co-CEO)
Laurels Investment Pte Ltd
Laurels Development Pte. Ltd.
Major Appointment (other than Directorship)
Singapore Institute of Technology (Chair of Investment Committee, Member of Board of Trustee)
Wealth Management Institute (Member of Board of Trustee, Member of Audit and Risk Committee)
Governance
Past Directorship other than SGX held over the preceding three years (from 30 June 2022 to 29 June 2025)
Akaria Natural Capital Pte. Ltd.
Asia Securities Industry & Financial Markets Association (ASIFMA)
Investment Management Association of Singapore (IMAS)
MAS Singapore Funds Industry Group (SFIG)
Nippon Life Global Investors Singapore Limited
Financials
PT Schroder Investment Management Limited
Schroder Investment Management (Hong Kong) Limited
Schroder Investment Management (Japan) Limited
Schroder Investment Management (Singapore) Ltd
Schroder Singapore Holdings Private Limited
Singapore Green Finance Centre
The Institute of Banking & Finance
Executive Management Committee
Our Executive Management Committee oversees the management of SGX Group and executes the organisation's strategic plans and business goals. Their strong vision and leadership are pivotal in driving SGX Group's long-term growth and success.
From left:
Mr Ng Yao Loong
Senior Managing Director Head of Equities
Mr Tan Boon Gin
Chief Executive Officer Singapore Exchange Regulation
Ms Tinku Gupta
Chief Information Officer
Mr Pol de Win
Senior Managing Director Head of Global Sales
and Origination
Mr Loh Boon Chye
Chief Executive Officer
Dr Angela Ryan
Chief Human Resources Officer
Mr Michael Syn
President
Ms Agnes Koh
Chief Risk Officer
Mr Daniel Koh
Chief Financial Officer
Executive Management Committee Biography Scan the code or visit
https://www.sgxgroup.com/leadership/ executive-management
Value Creation
& Sustainability
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Disclaimer
SGX - Singapore Exchange Limited published this content on September 15, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on September 15, 2025 at 03:47 UTC.
