SGX

SGX: SGX has announced Loh Boon Chye as its new CEO. Loh will be tasked with energizing a primary market devoid of IPOs in 2015 and contionuing to strengthen SGX’s cash market, as May ADT fell 9% mom to $1.15bn. While derivatives will continue as the growth engine, the high China A50 dependence (59% of total derivatives) makes SGX susceptible to CSRC’s decision of allowing CSI300 futures o an alternative exchange. Nonetheless, Deutsche is encouraged by Loh’s international pedigree and consider his appointment a positive step. The house has given a BUY rating with TP: $9.70.