Singapore’s SGX ties up with Nasdaq for twin listings

Singapore is doubling down on its efforts to make the city-state’s inventory market extra enticing for firms and buyers.

The nation’s bourse has tied up with the Nasdaq to simplify twin listings within the U.S. and Singapore, introducing a “World Itemizing Board” for firms with a market capitalization of greater than 2 billion Singapore {dollars} (about $1.5 billion).

The “Landmark partnership” is geared toward enabling companies to “entry world capital, buyers and liquidity by way of a harmonized cross-border itemizing framework that bridges the 2 markets,” in response to a press release launched by the Nasdaq and the Singapore Trade late Wednesday.

A key function, the SGX mentioned, can be the streamlining of regulatory obligations and fundraising with a single set of paperwork and simplified overview course of by mid-2026. So successfully, the businesses will solely must fill a single set of paperwork fulfilling the laws on each exchanges.

Chatting with CNBC’s Martin Soong, SGX CEO Loh Boon Chye mentioned that this advantages buyers, as a result of it is a twin itemizing throughout completely different time zones.

“You get to have worth discovery nearly around the clock … given the place volatility is at the moment, this permits buyers to danger handle 24 hours, and also you’re additionally giving selections to buyers, whether or not that may very well be US {dollars} or that may very well be in Sing {dollars}.”

Adena Friedman, CEO of Nasdaq, informed CNBC that this twin itemizing bridge was the “first of its sort,” and added that it was “one thing that is very thrilling for firms which have an Asian footprint, need to have world publicity and have a singular regulatory expertise.”

The step aligns with the broader efforts by the Singapore authorities to strengthen the attractiveness of Singapore’s inventory market to buyers and firms in search of to listing and entry progress capital, SGX mentioned.

The announcement additionally come because the Financial Authority of Singapore revealed extra measures to strengthen the competitiveness of Singapore’s inventory market.

These embody a SG$30 million “Worth Unlock” bundle to assist firms develop talents in company technique, capital optimization, and investor relations.

“It’s an opportune time for firms to strengthen strategic fundamentals, improve communications, and exhibit worth creation to draw and maintain investor participation,” MAS mentioned.

The central financial institution additionally introduced inserting SG$2.85 billion with six asset managers in Singapore, including on to its SG$1.1 billion allocation in July this yr, geared toward creating Singapore’s fund administration trade and rising investor participation in Singapore equities.

CGS Worldwide analysts Lock Mun Yee and Lim Siew Kee mentioned in a word that the liquidity enhance is a constructive for the Singapore inventory market and new measures such the “Worth Unlock” program are complementary to the worth chain.

The MAS mentioned that it had seen “rising” exercise and curiosity in Singapore’s fairness market, with common day by day turnover within the third quarter of 2025 climbing 16% yr on yr to SG$1.53 billion — the very best for the reason that first quarter of 2021.

Specifically, buying and selling exercise in small- and mid-cap shares has picked up. IPOs have additionally gained tempo, elevating over SG$2 billion to this point this yr.

CGS Worldwide cautioned that whereas a possible twin itemizing in Singapore may broaden regional investor entry, elements such because the SGX’s comparatively decrease liquidity in comparison with the Nasdaq stay near-term hurdles.

Analysts from Goldman Sachs mentioned that the rules and enforcement particulars of the “Worth Unlock” program are at the moment restricted, including that current investor engagements recommend that company motion can be required for an extra re-rating of the Singapore market.

Goldman pointed to Japan and South Korea which have applied measures corresponding to dividend tax cuts and disclosure pointers to drive company motion.

Singapore’s STI is up about 30% for the reason that equities overview group was established in August 2024, in comparison with the close to 60% enhance in Japan and South Korea’s fairness markets after the announcement of their respective reform measures, Goldman mentioned.