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The Asian Gateway Gateway Asian the Ga Sin Por E E Xch a N Ge § The Asian Gateway SIN ga POR E E XCH A N ge § ANNUA The Asian Gateway SINGAPORE EXCHANGE ANNUAL REPORT 2013 L REPOR July 2012 – June 2013 T 2013 2013 July – June 2012 2013 Corporate Information Board of Directors Board Committees Registered Office Chairman Audit Committee Singapore Exchange Limited 2 Shenton Way Chew Choon Seng Chairman #19-00 SGX Centre 1 Members Lee Hsien Yang Singapore 068804 Tel: (65) 6236 8888 Magnus Böcker Members Thaddeus Beczak Fax: (65) 6535 6994 Liew Mun Leong Jane Diplock AO Website: www.sgx.com Ng Kee Choe Kwa Chong Seng Jane Diplock AO1 Kevin Kwok Place of Incorporation Kevin Kwok1 Lee Hsien Yang Singapore Liew Mun Leong Ng Kee Choe Remuneration Committee Company Registration No. Robert Owen Chairman 199904940D Quah Wee Ghee Chew Choon Seng Davinder Singh Members Date of Incorporation Company Secretary Ng Kee Choe 21 August 1999 Ding Hui Yun Lee Hsien Yang Liew Mun Leong Investor Relations Share Registrar Darrell Lim Chee Lek Tel: (65) 6236 8951 Boardroom Corporate & Advisory Nominating Committee Email: [email protected] Services Pte. Ltd. Chairman 50 Raffles Place Ng Kee Choe #32-01 Singapore Land Tower Sustainability Singapore 048623 Members Email: [email protected] Chew Choon Seng Key Contact Persons Lee Hsien Yang Cedric Yuen Davinder Singh Yoke Kean Khor Kwa Chong Seng1 Stella Yang Risk Management Committee Auditor Chairman PricewaterhouseCoopers LLP 1 8 Cross Street #17-00 Quah Wee Ghee PWC Building Members Singapore 048424 Thaddeus Beczak Partner-in-Charge Robert Owen 1 Yeoh Oon Jin2 Kwa Chong Seng Davinder Singh1 Regulatory Conflicts Committee Chairman Robert Owen Members Chew Choon Seng Jane Diplock AO Kevin Kwok1 1 Appointed 20 September 2012 2 Appointed on 1 July 2009 1 The Asian Gateway We connect investors in search of Asian growth to issuers in search of global capital. As Asia’s most international exchange, we are the definitive gateway for managing capital and investment exposure in Asia. Asia’s most international exchange THE ASIAN The Asian derivatives supermarket GATEWAY Clearing house of choice in Asia Discover more about Singapore Exchange on www.sgx.com 2 Singapore Exchange Annual Report 2013 In this report The Asian Gateway 04 Asia’s most international exchange 06 The Asian derivatives supermarket 08 Clearing house of choice in Asia 10 Performance Review 12 Letter to Shareholders 14 SGX At a Glance 18 Milestones 20 gs Tr in ad st in Li g F Executive Committee 22 es ix ti ed i u In q c E o Organisation 25 m e S s e Global investors e Asian companies v c Full-Service Exchange 26 i u SINGAPORE EXCHANGE t r a and companies i and investors t v i i e The Asian r s e connecting to D connecting to Group Financial Performance Summary 27 D e Gateway g p Asian growth n global capital o i r s i a Financial Highlights 28 t C e o u s l r r ie C y re it n d c o ie m Operating & Financial Review 30 s m Co Securities 30 Derivatives 32 Settlement Issuer Services 34 Market Data 36 Member Services and Connectivity 37 Depository Services 38 Governance & Sustainability 39 Board of Directors 40 Corporate Governance Report 47 SRO Governance Report 62 Risk Management Report 65 Disciplinary and Appeals Committee Report 68 Remuneration Report 70 Sustainability Report 76 Financials 87 Statement by Directors 96 Auditor’s Report 97 Financial Statements 98 Corporation 156 Statistics of Shareholdings 156 Notice of Annual General Meeting 157 All rights reserved. Some of the information in this report constitutes ‘forward looking statements’ which reflect SGX’s current intentions, plans, expectations, assumptions and beliefs about future events, and are subject to risks, uncertainties and other factors, many of which may be outside SGX’s control. You are urged to view all forward looking statements with caution. All figures are denominated in S$ unless otherwise stated. All figures are correct as at 30 June 2013. No information herein should be reproduced without the express written permission of Singapore Exchange Limited. All information herein is correct at the time of publication. For updated information, please visit www.sgx.com 3 THE ASIAN GATEWAY Singapore Exchange is the Asian Gateway We connect international capital with Asian growth opportunities, and Asian capital with regional and international opportunities. 4 Singapore Exchange Annual Report 2013 T he Asia is the world’s Singapore is the region’s SGX is the world’s A Singapore Exchange is sian G Fastest Leading 6th ateway the Asian Gateway growing region financial hub largest exchange 5 THE ASIAN GATEWAY Asia’s most international exchange 6 Singapore Exchange Annual Report 2013 Image is for placement only T he A We attract quality issuers and sian G investors from Asia and the world. ateway More than 770 listed companies of which 40% are foreign Largest securities market in Southeast Asia with approximately $1 trillion total market capitalisation 7 THE ASIAN GATEWAY The Asian derivatives supermarket 8 Singapore Exchange Annual Report 2013 T he A We are the world’s most liquid access sian G point to Asian equity index derivatives. ateway The No. 1 offshore venue for Japan, China, Taiwan, India and ASEAN futures 9 THE ASIAN GATEWAY Clearing house of choice in Asia 10 Singapore Exchange Annual Report 2013 T he A We provide clearing for exchange- sian G traded securities and derivatives, ateway and over-the-counter derivatives. Among the 1st in the world to comply with CPSS-IOSCO principles Certified as Qualifying Counterparty under Basel III 11 12 Singapore Exchange Annual Report 2013 P Performance erforma Review N Letter to Shareholders 14 ce R SGX At a Glance 18 E VI Milestones 20 E W Executive Committee 22 Organisation 25 Full-Service Exchange 26 Group Financial Performance Summary 27 Financial Highlights 28 Operating & Financial Review 30 13 Letter to Shareholders Chew Choon Seng Chairman (left) Magnus Böcker Chief Executive Officer (right) 14 Singapore Exchange Annual Report 2013 We will continue to introduce new products and services to meet investors’ needs arising from developments in the region PERFORMANCE R The year was an eventful one for Singapore Exchange. growth in percentage terms. Our commodities business also EVIEW We performed creditably and reported our best financial expanded, particularly the clearing of over-the-counter iron results in five years. Our Asian Gateway positioning was ore swaps which tripled in volume. strengthened with the addition of new products and capabilities. We kept up efforts to maintain our high Bond and equity fund-raising activities improved governance and risk management standards, becoming Companies were more active in their fund-raising activities one of the first to adopt the newest and more stringent during the year. In an environment of low interest rates, international standards for financial market infrastructures. and with the rise of Singapore as an international fund management centre, we strengthened SGX’s position as Securities and derivatives businesses grow Asia’s leading venue for issuance of bonds with the listing We reported net profit for FY2013 of $336 million, up 15%. of 424 bonds raising $196 billion in the year versus 300 This is the highest full-year net profit since FY2008. Relative bonds raising $161 billion the year before. The trend of to FY2012, revenue increased 10% to $715 million. more foreign bond listings on SGX continued; $145 billion of listings were from overseas companies compared with Our securities business remained our biggest revenue $139 billion previously. component, generating $270 million, 9% more than the year before. A rebound in trading activities from FY2012, and an New offerings of equities picked up in the year with 30 increase in retail investor participation raised the daily listings raising $8.1 billion, from 24 issues raising $1.0 billion average value of securities traded by 11%, to $1.5 billion. previously. Six of the listings were of real estate investment We continued to increase our outreach to retail investors and trusts (REITs) and business trusts, bringing the total number saw monthly active retail accounts grow by a third. The share of REITs and business trusts listed on SGX to 38, with market of daily volumes attributed to retail investors also increased value of $67 billion. This is the biggest cluster of REITs and to 48%, from 40%. The contribution from securities to total business trusts in the Asia Pacific region excluding Japan. revenue held steady at 38%. Initiatives and New Products Revenue from the derivatives business rose 23% to $201 Building on our current portfolio of energy products, SGX million. This made up 28% of total revenue versus 25% in acquired 49% of the equity of Singapore-based Energy the previous year. Higher volatility in Asian equity markets Market Company (EMC), which operates the National prompted increased activity in our derivatives market. The Electricity Market in Singapore. The acquisition gives us a total volume of derivatives traded rose by a third to 101 direct interest in the electricity business where demand for million contracts. Average month-end open interest for the hedging and risk management is still in its infancy. Power year grew 86% to a record 2.6 million contracts. A one-day consumption in the region is expected to accelerate in future open interest record of 3.8 million contracts was set on 29 as Asian economies become more developed and we are May 2013. Our China A50 futures and Nikkei 225 options positioning SGX to offer the relevant products to support tripled in volume and our Nikkei 225 futures saw double-digit this development. 15 Letter to Shareholders continued On the commodities front, we addressed changing regulatory hitherto have tended to confine themselves to their home and risk requirements with the April 2013 launch of AsiaClear markets, to offer more diversified products to their customers futures contracts for iron ore and oil.
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