The Singapore Exchange (SGX) has stated it will list American depositary receipts (ADRs) of 19 major Asian companies on its new GlobalQuote board from 22 October 2010.
The move means that SGX-quoted ADRs will enable investors to act on newsflow about companies such as Baidu and Suntech Power Holdings during Asian hours for the first time.
ADRs quoted on GlobalQuote will also provide investors with round-the-clock trading opportunities, as they are fully interchangeable with US-listed ADRs.
The launch of these 19 ADRs for trading marks the start of cooperation between SGX and global stock exchange group Nasdaq OMX to bring ADR quotations to GlobalQuote, thereby linking up market participants across both trading pools. GlobalQuote is SGX's quotation board for international securities such as ADRs, depositary receipts and depositary shares of companies already listed on other exchanges.
“We believe this unique venture will add significant value to our US-listed companies in Asia who can increase their exposure amongst the Asian-Pacific investor community by giving them access to local companies within local trading hours,” commented Bob Griefield, CEO of Nasdaq OMX.
“SGX GlobalQuote will benefit global investors by providing access and extended trading opportunities in the region, demonstrating the continued evolution of the DR product while ensuring the needs of the market are met,” said Michael Cole-Fontayn, CEO of the depositary receipts business of BNY Mellon, which is acting as the depositary for SGX's ADR programme.