The Singapore Exchange (SGX) has gone live with a new post-trade platform provided by the London Stock Exchange’s (LSE) technology arm.
LSEG Technology recently implemented a new settlement and central securities depository (CSD) on the SGX, building on a centralised post-trade clearing solution already provided to the exchange.
The new functionality will enable the SGX to align to global market practices, messaging standardisation, and the introduction of a T+2 settlement cycle for the Singapore market.
“SGX’s adoption of the new post trade system which LSEG Technology supported, provides for a more efficient and effective clearing, settlement and depository environment. We expect to build new and emerging services on this platform, thereby enabling SGX and our Members to enhance services for the market,” said Tinku Gupta, head of technology, SGX.
The implementation of the new post-trade platform included the involvement of local brokers, custodian banks, settlement banks, registrars and retail investors.
It is also the first full end-to-end post-trade transformation within a tier one market in recent years.
“This is a major milestone in which this industry solution is set to meet the broad and diverse needs of the post-trade community,” said Ann Neidenbach, CIO, LSEG Technology.
“Built upon a common infrastructure to support clearing, settlement and depository modules, LSEG Technology’s Millennium PostTrade solution, delivers true benefit for our customers by improving operational efficiency and reducing the total cost of ownership.”
The addition of SGX takes the number of capital markets LSEG Technology provides solutions for to over 40 organisations globally, which also include the Hong Kong Exchanges and Clearing (HKEx) and the Johannesburg Stock Exchange (JSE).