S’pore wants clarification on stock market trading link

Massita Ahmad & Bernama

Modified 6 Jun 2018, 2:17 pm

Singapore has asked Malaysia to clarify its position on the planned stock market trading link between Bursa Malaysia and Singapore Exchange.

Replying to media queries, the Monetary Authority of Singapore (MAS) said it had asked the Securities Commission to clarify its position, and would await its update on the matter.

The commission later stated that it would provide the necessary information.

"The Securities Commission will provide the relevant information to assist the government in their review of the Bursa-SGX Link,” a spokesperson said.

Earlier today, Prime Minister Dr Mahathir Mohamad announced that the trading link would be put under review.

On Feb 6, 2018, the former prime minister Najib Abdul Razak announced the establishment of a stock market trading link between the two exchanges at the World Capital Market Symposium 2018.

Following that, MAS and SC, in a joint statement, said they would work together to facilitate the establishment of a stock market trading link by the end of this year.

The trading link was aimed at allowing investors to trade and settle shares listed on each other’s stock market in a more convenient and cost-efficient manner.

Retail investors notably will benefit from such a link, said the statement.

At a media conference after chairing a cabinet meeting today, Mahathir was also asked whether the government discussed replacing Bursa Malaysia CEO Tajuddin Atan.

“It was not discussed. I did not see it (the proposal) on the table,” he replied.

Prior to his appointment as the exchange's CEO in 2011, Tajuddin was RHB Bank Bhd managing director and RHB Capital Bhd group managing director.

Asked whether the government planned to replace Petronas chairperson Mohd Sidek Hassan, Mahathir said: “I did not know about that.”

- Bernama

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