Singapore, January 12, 2026, 07:55 SGT — Premarket update
- Shares of Singapore Exchange (SGX) ended at S$17.51, gaining 1.16%
- MAS and SGX RegCo have launched a consultation on rule changes aimed at simplifying SGX-Nasdaq dual listings
- Traders are keeping an eye on liquidity follow-through while the bank-driven rally holds the STI up
Shares of Singapore Exchange Ltd are under the spotlight ahead of Monday’s open as Singapore’s central bank and SGX Regulation take steps to ease dual listings with Nasdaq. SGX stock ended the previous session up 1.16% at S$17.51. (The Business Times)
The reason it matters now is simple. SGX depends entirely on listings and trading volume — new companies, turnover, clearing fees, everything. A regulatory pathway that simplifies listing in Singapore could expand the pipeline, not just improve market activity.
Local equities are kicking off 2026 riding the wave of the banks. DBS wrapped last week at S$57.60, OCBC at S$19.80—both hitting fresh record highs—while UOB closed at S$36.02. Morningstar’s Lorraine Tan highlighted “UOB stands out” on valuation, noting dividend yield as a key draw for income-focused investors. SGX chief executive Loh Boon Chye, commenting on the exchange’s rebranding of its equities division to “SGX Stock Exchange,” said it “reinforces equities as a core pillar” of its strategy. (The Straits Times)
The consultation focuses on a proposed Global Listing Board (GLB) designed for companies planning to list in Singapore alongside Nasdaq. MAS is pushing for a unified set of offer documents and a quicker prospectus registration process. It’s also introducing “safe harbours” — legal shields for forward-looking statements, share buybacks, and pre-set trading plans, provided certain conditions are met. SGX RegCo’s draft sets a S$2 billion market-cap floor and mandates issuers be listed or accepted on the Nasdaq Global Select Market. It also calls for a retail allocation of at least 5% or S$50 million of the offer, whichever is less. Public comments close Feb 8. (The Straits Times)
Supporters argue the package might expand options for Singapore investors. David Gerald, CEO of the Securities Investors Association (Singapore), told The Straits Times the proposals could deliver “the best of both markets” to local investors.
Yet the optimistic scenario depends heavily on momentum. Listings require active buyers, and those buyers want turnover that won’t disappear at the first sign of macro weakness. For a cross-border pipeline to work, there must also be enough issue managers and underwriters capable of handling a U.S.-style process without stumbling over local regulations.
The “safe harbour” concept also has a legal dimension. Robson Lee, an industry lawyer at Legal Solutions, cautioned that the framework still requires “distribution and selling networks” to carry out offerings. He added that the safe harbours might “pose a challenge” when it comes to enforcement and discretion.
Traders will watch closely if SGX shares can hold their gains at the cash open and whether volume keeps up as banks either ease off or push ahead. The next major market mover arrives fast: U.S. December inflation data, set for Tuesday, Jan 13. That release could shift rate expectations and risk appetite across Asia. (Bls)
