Joint News Release - Singapore Exchange and NASDAQ OMX extend cooperation
New collaboration includes dual listings ADR trading on GlobalQuote starts today
22 October 2010, Singapore and New York – Following the cooperation to bring American Depositary Receipts (ADRs) on GlobalQuote, Singapore Exchange (SGX) and NASDAQ OMX today also announce plans to offer companies the opportunities for listing on both exchanges.
The listing cooperation includes offering a cross listing opportunity to currently listed companies on both the NASDAQ Stock Market and SGX as well as dual listing opportunities for new IPOs. This initiative allows better price discovery and trading opportunities in the Asian and US time zones. NASDAQ-listed companies with strong brand awareness and active business endeavors in Asia will benefit from a secondary listing on SGX. SGX-listed companies interested in reaching US investors will be able to list their ADRs on the NASDAQ Stock Market.
At 9am today, 19 American Depositary Receipts of Asian companies will be quoted for trading on the GlobalQuote board on Singapore Exchange (SGX). SGX and NASDAQ OMX intend to add more ADRs from Asian-based companies onto GlobalQuote, providing investors with an array of trading opportunities, including some that were previously unavailable during the Asian trading day.
Mr Magnus Bocker, CEO of SGX said, “The partnership with NASDAQ OMX will bring a wider selection of investment choices to our investors and offer companies access to an enlarged pool of investors. This strengthens our Asian gateway strategy.”
Mr Bob Greifeld, CEO of NASDAQ OMX said, “We have a strong working relationship with SGX that goes back to 2003, when we provided the technology platform for their trading system. The collaboration we are announcing today is a natural next step in our relationship and will give our customers the ability to increase their investor base and reach a more global investor community.”