The new Securities and Futures (Amendment) Bill, which will facilitate dual listing arrangements on the Singapore Exchange (SGX), will also apply to future arrangements with other reputable jurisdictions, says National Development Minister Chee Hong Tat.
Chee, who is also the deputy chairman of the Monetary Authority of Singapore (MAS) and chairman of the Equities Market Review Group, was speaking in Parliament on May 7 for the second reading of the Securities and Futures (Amendment) Bill 2026.
The Bill proposes two sets of changes to the Securities and Futures Act (SFA): a new section Part 13A, which sets up a framework to support dual listing arrangements between the SGX and an “appropriate overseas exchange”, and other amendments which will support all listings including those on the Global Listing Board (GLB).
Under the amendment, MAS will exercise the powers under the new part if the dual listing arrangement provides issuers access to a larger pool of liquidity and a broader range of investors, and if the overseas exchange is from a jurisdiction with securities laws consistent with the International Organisation of Securities Commissions’ (IOSCO) international standards and principles.
“The Bill will position Singapore to capture future opportunities, where dual listings from other reputable jurisdictions, with comparable disclosure requirements and which adhere to international standards, can be facilitated”.
Among other points raised, Chee notes that the amendments will help enhance the competitiveness of Singapore’s equities market by “attracting more quality listings while maintaing our commitment to robust regulatory standards”.
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In addition, the amendments, which will support the new GLB, will help Singapore capitalise on the positive momentum to raise the city-state’s standing as a “listing venue of choice”.
Since the proposed initiatives introduced by the Equities Market Review Group, which includes the $6.5 billion Equity Market Development Programme (EQDP), the Singapore market has seen “positive momentum” as liquidity and valuations improved.
In March, the Singapore Exchange (SGX) reported securities market turnover of $52.78 billion, 78% higher y-o-y. Securities daily average value (SDAV) was up by 62% y-o-y to $2.4 billion. Securities turnover for the quarter ended March rose by 32% q-o-q to $126 billion. Volumes in March were also the highest in almost 20 years, Chee notes.
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“Dual listings can bring benefits for many stakeholders in Singapore’s equities market ecosystem,” he says. “In the case of the GLB, regional issuers will have easier access to complementary sets of investors on both exchanges, while benefitting from better brand recoginition.”
He adds that the GLB can attract a more diverse set of issuers to list in Singapore, which will add “energy and dynamism” to the country’s equities market
