A recent announcement from the Singapore Exchange signifies a significant transformation within the organization, with the appointment of a new Chief Executive Officer for the foreign exchange (FX) division. Jean-Philippe Malé, previously CEO and Co-Founder of BidFX—an FX platform that became part of the exchange in 2020—will step into this role starting April 1, 2025. Prior to this, Malé held the position of President of SGX FX, successfully enhancing the growth of the over-the-counter (OTC) FX business.
The leadership adjustment not only includes Malé’s new role but follows the departure of several senior-level executives. Hugh Whelan, a notable figure who co-founded FXSpotStream and served as a director at EBS, recently transitioned to another role within the exchange.
In conjunction with Malé’s elevation, the exchange is also undergoing changes in its technology leadership. Thijs Jacobs, the Group Chief Technology Officer, is stepping down from his position, with Chief Information Officer Tinku Gupta temporarily taking over his duties as a search for a permanent replacement begins. Additionally, Lee Beng Hong, currently overseeing Wholesale Markets and Platforms, is set to leave for new opportunities, showing a shift in the organizational landscape.
The leadership decisions are part of a broader strategy aimed at evolving and strengthening the management team to better cater to the dynamic conditions and demands present within the business arena.
Moreover, the exchange has reported promising figures in its OTC FX segment, showcasing a robust performance from the first half of the fiscal year 2025. The announcement revealed an impressive 27.3% increase in adjusted net profit, reaching S$320.1 million ($238.5 million), in comparison to the prior year. All business segments are experiencing growth; net revenue surged by 15.6% to S$646.4 million ($481.5 million), and the adjusted EBITDA climbed by 23.9% to S$426.9 million ($318.1 million), whereas the adjusted earnings per share reached 29.9 cents ($0.22).
Specifically, the OTC FX net revenue saw a notable increase of 35.7%, rising to S$55.0 million from S$40.5 million, alongside a remarkable 35.4% growth in the OTC FX average daily volume (ADV), which escalated to US$136 billion from the preceding US$100 billion.
These developments reflect not only the momentum in trading activities within the FX sector but also a strong overall performance across various trading segments. Equity trades, along with equity derivatives, have been leading the way, indicating a diverse portfolio contributing to the group’s success. The current state of growth places the OTC FX business as an integral component, accounting for 5% of the group’s earnings before interest, taxes, depreciation, and amortization (EBITDA).
In addition to these operational highlights, market statistics for January 2025 reveal an upward trend in derivative trading volumes, showing a month-on-month increase of 3% to 23.9 million contracts. The daily average volume for derivatives also experienced growth, rising 14% to 1.24 million contracts. Furthermore, the securities market turnover value increased by 4%, reaching S$20.8 billion ($15.5 billion), with a 9% rise in daily average securities value to S$1.04 billion ($775 million).
These shifts and results indicate a concerted effort to enhance leadership and capitalize on growing sectors within the marketplace, positioning the exchange strategically for future developments within the financial landscape.