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The New York Stock Exchange and SGX Group Announce Wide-Ranging Collaboration including Dual Listing of Companies
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Rhea-AI Summary
Intercontinental Exchange (NYSE: ICE) and Singapore Exchange (SGX) have entered a new agreement to facilitate dual listings of companies on both exchanges. The collaboration aims to enhance capital market accessibility and foster the development of new products related to ESG, ETFs, and indices. The memorandum of understanding was signed by NYSE President Lynn Martin and SGX CEO Loh Boon Chye. This initiative is expected to strengthen ties between the two exchanges and provide greater opportunities for issuers and investors.
Positive
New agreement for dual listings enhances capital market access.
Collaboration aims to develop high-demand products in ESG, ETFs, and indices.
Negative
None.
The two exchanges on opposite sides of the world will also explore new products in ESG, ETFs, and indexes
NEW YORK & SINGAPORE--(BUSINESS WIRE)--
The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, and Singapore Exchange (SGX Group), Asia’s leading and most international multi-asset exchange, announced today the signing of a new agreement to collaborate on the dual listing of companies on both exchanges and work together in a number of other key areas focused on the capital markets.
This collaboration represents an important initiative for both markets. In a virtual ceremony today, NYSE President Lynn Martin and SGX Group Chief Executive Officer Loh Boon Chye signed a memorandum of understanding outlining the terms of the agreement. The collaboration between the two exchanges focuses on the following areas:
Dual listing of companies on SGX Group and NYSE
Identifying and developing new ESG products and services
Supporting index product development at SGX Group and NYSE affiliate ICE Data Indices
Exploring new ETF products
“This collaboration between NYSE and SGX Group creates an important new connection between two of the world’s most exciting regions and two of its most innovative stock exchanges,” said Lynn Martin, NYSE President. “Our agreement will bring issuers access to greater opportunity as well as drive the development of new products in high-demand areas such as ESG. We look forward to working together with SGX Group to further advance our global capital markets.”
“This agreement underscores SGX Group and NYSE’s joint interest in driving greater collaboration between the two exchanges,” said Loh Boon Chye, CEO of SGX Group. “It aims to create a more connected ecosystem to facilitate access to capital and the development of new investment solutions to address growing complex needs of market participants and investors.”
Dual listings between the NYSE and SGX Group benefit issuers by allowing them to tap into pools of capital in key markets outside of their home regions. The agreement also allows the two exchanges to develop new products and services in support of their listed companies and investor communities, and coordinate compliance efforts for dual-listed companies.
About NYSE Group
NYSE Group is a subsidiary of Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology and market infrastructure. NYSE Group’s equity exchanges -- the New York Stock Exchange, NYSE American, NYSE Arca, NYSE Chicago and NYSE National -- trade more U.S. equity volume than any other exchange group. The NYSE, an ICE exchange, is the premier global venue for capital raising. NYSE Arca Options and NYSE Amex Options are leading equity options exchanges. To learn more, visit nyse.com.
About Intercontinental Exchange
Intercontinental Exchange, Inc.(NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 3, 2022.
About Singapore Exchange (SGX Group)
We are Asia’s leading and trusted securities and derivatives market infrastructure, operating equity, fixed income, currency and commodity markets to the highest regulatory standards. We also operate a multi-asset sustainability platform, SGX FIRST or Future in Reshaping Sustainability Together (sgx.com/first).
We are committed to facilitating economic growth in a sustainable manner leveraging our roles as a key player in the ecosystem, a business, regulator and listed company. With climate action as a key priority, we aim to be a leading sustainable and transition financing and trading hub offering trusted, quality, end-to-end products and solutions.
As Asia’s most international, multi-asset exchange, we provide listing, trading, clearing, settlement, depository and data services, with about 40% of listed companies and over 80% of listed bonds originating outside of Singapore. We are the world's most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN. In foreign exchange, we are Asia’s leading marketplace and most comprehensive service provider for global FX over-the-counter and futures participants. Headquartered in AAA-rated Singapore, we are globally recognised for our risk management and clearing capabilities. For more information, please visit www.sgx.com.
