Singapore Exchange (SGX) has decided to invest in a new clearing and settlement platform, Bloomberg reports. The new platform will help the bourse broaden the range of securities it can manage beyond domestic equities. The new technology will be deployed for adding more products and services.
The existing platform concentrates mainly on Singapore equities. The exchange is seeking to increase its offerings after its $8.6 billion bid for Australian exchange ASX was rejected. The market value of Singapore Exchange stands at $5.3 billion, which is 1.4 times that of the London Stock Exchange and exceeds that of Nasdaq OMX Group.
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