SGX reforms show results; new team to push through measures

More work to be done to fully implement review group’s proposals, says MAS

- Sue-Ann Tan

Singapore’s stock market has strengthened in recent months, as measures rolled out by a review group tasked with revitalising the bourse began showing results.

Set up by the Monetary Authority of Singapore (MAS) in 2024 to revive interest and increase liquidity in Singapore’s capital markets, the Equities Market Review Group announced the completion of its review on Nov 19, after introducing proposals and measures throughout 2025.

MAS deputy chairman Chee Hong Tat said: “There has been some encouraging development since we started the review group in August last year. Our equities market overall, I think, has performed well.

“We have seen increased trading activities supported by both institutional and also retail participation, underpinned by increased activity in small and mid-cap stocks.”

The average daily turnover on the Singapore Exchange (SGX) in the third quarter of 2025 climbed 16 per cent over the same period the year before, to $1.53 billion. This is the highest level since the first quarter of 2021.

Listing activity has accelerated as well, with initial public offerings (IPOs) raising over $2 billion since the start of 2025.

Still, more work remains to be done to fully implement all of the review group’s measures and continue efforts to raise the market’s attractiveness while maintaining momentum, MAS said.

To this end, MAS on Nov19 set up a new Equity Market Implementation Committee, co-chaired by MAS managing director Chia Der Jiun and SGX chief executive Loh Boon Chye, to oversee the implementation of the review group’s measures.

The new committee will coordinate market promotion and investor outreach, and recommend further enhancements as market conditions evolve. More details will be announced in the first quarter of 2026.

Mr Chee said: “Building a strong and vibrant equities market is a journey that will continue over the medium term.