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Singapore-Australia stock trading link scrapped

SINGAPORE, Aug. 8 Kyodo

Singapore's bourse, Singapore Exchange Ltd., said Tuesday it has scrapped a five-year-old securities trading link with the Australia Stock Exchange due to poor demand for the service.

It said the service will be discontinued on Sept. 29. Launched in December 2001, the service enables residents in Australia to buy Singapore shares and vice versa through the two exchanges.

''Due to persistently low demand, SGX has decided to discontinue the outbound service. Both SGX and ASX have agreed to close the SGX-ASX trading link,'' it said in a statement.

The ASX had already discontinued the service in February this year due to its lack of popularity.

The SGX, which aims to be the ''Asian gateway'' for equities trading, says the closure of the service is not expected to affect its plan to develop more alliances with other major exchanges.

Currently about 133 Australian shares are available for Singapore residents to trade through the service.

The link is the only securities trading link that has been implemented between SGX and a foreign exchange, said SGX spokeswoman Magdalyn Liew. SGX is also planning to forge a similar kind of link with Malaysia's Kuala Lumpur Stock Exchange.

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