Singapore
Exchange (SGX Group)
announced today (Thursday) the appointment of Jean-Philippe Malé as CEO of SGX
FX, effective April 1, 2025, as part of a broader management reshuffle that
includes changes in its technology leadership.
SGX Group Appoints New FX
Chief, Reshuffles Technology Leadership
Malé, who
previously served as CEO and Co-Founder of BidFX, a
buyside foreign exchange platform acquired by SGX in 2020, will lead the
exchange’s foreign exchange business. His promotion comes after a stint as
President of SGX FX, during which he was responsible for driving the growth of
the OTC FX business.
“We are
excited to welcome JP to his new post and are confident that his leadership
will further elevate SGX FX,” Loh Boon Chye, the CEO of SGX Group, commented on
the change.
This is
another change in the SGX FX C-level lineup after the former EBS Director and
co-founder of FXSpotStream, Hugh
Whelan, decided to join the Singaporean exchange in October 2024.
The
management changes also affect the technology division, with Group Chief
Technology Officer Thijs Jacobs stepping down. Chief Information Officer Tinku
Gupta will temporarily assume Jacobs’ responsibilities while the company
searches for a replacement.
Additionally,
Lee Beng Hong, currently Head of Wholesale Markets and Platforms, will be
departing to pursue other opportunities.
“We also
extend our gratitude to Beng Hong and Thijs for their contributions and wish
them the best in their future endeavours,” added Chye. “These changes reflect
our commitment to continuously evolve and strengthen our leadership team to
meet the dynamic needs of our business and stakeholders.”
SGX Group Reports Strong Numbers
in OTC FX Segment
A month ago,
the exchange reported a robust performance for the first half of fiscal year
2025, with
adjusted net profit rising 27.3% to S$320.1 million ($238.5 million)
compared to the same period last year.
The
exchange operator saw growth across all business segments, with net revenue
increasing 15.6% to S$646.4 million ($481.5 million). Adjusted EBITDA climbed
23.9% to S$426.9 million ($318.1 million), while adjusted earnings per share
reached 29.9 cents ($0.22).
OTC FX net
revenue rose by 35.7% to S$55.0 million, up from S$40.5 million. Meanwhile, OTC
FX headline average daily volume (ADV) grew 35.4% to US$136 billion, compared
to US$100 billion.
“Cash
equities and equity derivatives led our broad-based performance, followed by
currencies and commodities, with notable growth in our OTC FX business now
contributing 5% of the Group’s EBITDA,” the CEO commented.
In a
separate announcement, SGX Group released its market statistics for January
2025. Derivatives traded volume increased 3% month-on-month to 23.9 million
contracts, with derivatives daily average volume (DAV) up 14% at 1.24 million
contracts. Securities market turnover value gained 4% to S$20.8 billion ($15.5
billion), with securities daily average value (SDAV) rising 9% to S$1.04
billion ($775 million).
This article was written by Damian Chmiel at www.financemagnates.com.
Source link
