Singapore Exchange Introduces Dual Currency Trading
Singapore Exchange (SGX) has introduced dual currency trading, which enables listed securities to be traded in two different currencies. This additional functionality on its trading engine aims to deliver greater cost efficiency to investors as they are able to trade foreign-denominated securities in their local currency.
With dual currency trading, a company can choose for its listed security to be traded in any two currency denominations. The securities will be fungible, in that an investor can buy and sell the security in any currency regardless of the currency in which it was first bought or sold. Dual-currency listed shares will be consolidated in investors' central depository (CDP) accounts so that the total number of shares can be viewed at a glance.
"Dual currency trading can also apply to other listed securities such as exchange traded funds," says Magnus Bocker, CEO of SGX. "It will benefit investors who can now choose to trade in their preferred currencies while companies and issuers can enjoy the flexibility and potential added liquidity of having its securities trading in two currencies."
Hutchison Port Holdings Trust is the first listed security to launch dual currency units, in US and Singapore dollars. It will start trading on April 2.
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