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Jul 10, 2012

LSE and SGX to cross-list stocks

Agreement sees London market attract first exchange to its new International Board

The London Stock Exchange (LSE) and Singapore Exchange (SGX) have announced a partnership to allow cross-trading of their most actively traded stocks, a move predicted to broaden access to investors and boost trading volumes.

The agreement will enable LSE members to trade 36 Singapore securities ‒ such as DBS Group Holdings and SingTel ‒ on the London bourse’s new International Board.  

SGX is the first exchange to join the International Board, which was announced in March. The LSE will look to work with ‘other major exchanges’ to bring more stocks to the new platform, according to a spokesperson for the exchange.

SGX, meanwhile, will make FTSE 100 stocks available to members on its GlobalQuote platform, which already lists the American depositary receipts of Asian companies.

‘For issuers in both markets, the initiative will offer a new market without the need for a separate listing, giving them access to new investor audiences and the opportunity to benefit from increased stock liquidity,’ says SGX in a release.

The move, which follows the failure of a number of high-profile stock exchange mergers last year, signals a move toward strategic partnerships between bourses.

The LSE abandoned a merger with Canadian stock exchange operator TMX Group last year after failing to win sufficient shareholder backing. SGX also saw a merger fail last year, after regulators blocked its proposed tie-up with the Australian Stock Exchange.