A recent management overhaul at the Singapore Exchange has led to the announcement of a new CEO for SGX FX, beginning April 1, 2025. Jean-Philippe Malé, who has experience as CEO and co-founder of BidFX— a buyside foreign exchange platform that was acquired in 2020—will take on this pivotal role. His previous position as President of SGX FX included the key task of expanding the company’s over-the-counter (OTC) foreign exchange operations.
Loh Boon Chye, CEO of SGX Group, expressed confidence that Malé’s leadership will enhance the performance of SGX FX. This appointment is part of a broader series of changes in the company’s leadership, including the addition of Hugh Whelan, a former EBS Director and co-founder of FXSpotStream, who joined the exchange in late 2024.
Changes are also being made within the technology division. Thijs Jacobs, the Group Chief Technology Officer, has stepped down. Tinku Gupta, the Chief Information Officer, is set to temporarily fill Jacobs’ role while the search for a new CTO takes place. Additionally, Lee Beng Hong, who was leading the Wholesale Markets and Platforms, will leave the organization to explore new opportunities.
The management restructuring is indicative of the commitment to adapt and reinforce the leadership team in response to evolving business needs and stakeholder expectations.
In terms of financial performance, the exchange recently released impressive figures for the first half of fiscal year 2025. The company reported a 27.3% increase in adjusted net profit, amounting to S$320.1 million (approximately $238.5 million) compared to the same timeframe last year. This growth trajectory is evident across all business sectors, with a 15.6% rise in net revenue reaching S$646.4 million ($481.5 million). Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw a notable increase of 23.9%, totaling S$426.9 million ($318.1 million).
The OTC FX segment excelled particularly well, with net revenue soaring by 35.7% to S$55.0 million, up from S$40.5 million. The headline average daily volume (ADV) for OTC FX grew by 35.4%, marking an increase to US$136 billion from US$100 billion.
In another related update, SGX Group shared market statistics for January 2025, showcasing a 3% increase in the volume of derivatives traded on a month-on-month basis, which totaled 23.9 million contracts. Furthermore, the daily average volume (DAV) of derivatives surged by 14%, amounting to 1.24 million contracts. The turnover value for the securities market also rose by 4%, reaching S$20.8 billion ($15.5 billion), while the daily average value (SDAV) climbed by 9%, hitting S$1.04 billion ($775 million).
This combination of new leadership appointments and impressive financial results signals a promising future for the organization, as it seeks to further strengthen its position within the marketplace while addressing the dynamic requirements of its stakeholders.