SGX looks to further derivatives growth with new hire
The Singapore Exchange has hired Michael Syn in an effort to continue the development and expansion of its derivatives market.
The Singapore Exchange (SGX) has hired Michael Syn in an effort to continue the development and expansion of its derivatives market.
Syn will take the role of senior vice president and head of derivatives effective 1 March, reporting to the exchange's president Gan Seow Ann. His responsibilities will include leading growth in the derivatives distribution and trading.
Syn will join SGX from Asian buy-side firm DBS Asset Management, where he was chief operating officer in charge of regional management. He has also worked at UBS in London, heading the bank's UK derivatives risk business.
In recent months, SGX has sought to reinforce its derivatives business, admitting the Royal Bank of Scotland as a trading member and setting out plans to implement pre-trade risk controls by Q3 2011.
Earlier this week, SGX reported a strong rise in derivatives trading during 2010, led mainly Chinese and Indian futures contracts. The exchange is also seeking a merger with the Australian Securities Exchange, a deal that is currently awaiting regulatory approval.