Singapore Exchange Limited and NYSE Euronext have agreed to terminate the American Stock Exchange...
Singapore Exchange Limited and NYSE Euronext have agreed to terminate the American Stock Exchange- SGX Joint Venture (JV) on 30 April, although they will continue to collaborate in the ETF space.
The exchanges claim that there is no longer a need for the JV in order to collaborate and undertake their respective areas of ETF focus, due to having established a 'friendly relationship'.
The JV was formed in April 2001 in order to promote the listing and trading of US cross-listed ETFs in the Asian time zone on SGX.
Following the termination, the JV trading platform SGX Xtranet will cease operation on 30 April.
As a result, the five US cross-listed ETFs will be transferred to the SGX-ST Mainboard after market close on that date, for continued listing and trading. The ETFs comprise the DIAMONDS, SPDRs, iShares S&P500 index fund, iShares MSCI Singapore (Free) index fund and the iShares Dow Jones US Technology Sector index fund.
The streetTRACKS Straits Times index fund, listed on SGX Xtranet but not part of the JV, will also be transferred to the SGX-ST Mainboard.
SGX vice president and head of product development Janice Kan comments: "SGX is pleased to have worked with Amex on this JV to be among the first to introduce the listing and trading of US cross-listed ETFs to the Asian region."
She added: "SGX now has a total of 30 ETFs covering most of the major Asian equity markets as well as commodities, including gold."
NYSE senior vice president of global indexes and exchange traded products Lisa Dallmer says: "Given the proper trading model and regulatory recognition, cross-listings for the purpose of trading and asset gathering is a viable business strategy for fund sponsors."
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