SGX

SGX: says it is ready to trade securities denominated in RMB. The initiative enhances opportunities for issuers and investors keen to participate in the internationalization of the RMB and the robust Chinese economy. SGX’s addition of RMB securities trading complements the offshore RMB bonds already listed on the exchange. SGX is also the world’s first exchange to offer the clearing of OTC FX forwards for RMB. Issuers listing RMB securities on SGX can also choose to offer dual currency trading, giving their investors the flexibility to trade the security either in RMB or SGD. This gives SGX the flexibility for product expansion and to compete more effectively against HKEx, which already has RMB securities trading (recall Hui Xian Reit, 87001 HK). Credit Suisse yday maintained a Neutral rating on SGX with TP $7, citing recent weak equity turnover.