Singapore Exchange (SGX) chairman J Y Pillay will step down on 31 December 2010 and will be succeeded by Chew Choon Seng in the new year.
Chew has been a member of the exchange's board for six years, prior to which he was CEO of Singapore Airlines. Pillay has served as chairman of SGX's board since its incorporation in November 1999 and brought the exchange through its self-listing on its own exchange in November 2000. He also led the team that planned and managed the merger and demutualisation of SGX's predecessors the Stock Exchange of Singapore and the Singapore International Monetary Exchange.
Separately, SGX reported that its derivatives trading and OTC clearing businesses grew steadily in August 2010. Daily average value for securities traded was S$1.5 billion, an increase of 10% on the previous month. Overall derivatives trading volume grew by 19% year on year to 5.3 million contracts. Overall options trading volume increased to 24,000 contracts versus 3,000 contracts last year, while SGX's OTC clearing business, AsiaClear, achieved a 132% increase year on year with close to 17,000 contracts cleared.