An SGX spokesperson declined to comment.
Song joined the bourse in 2018, according to his LinkedIn profile, and has worked on bond listings in addition to leading teams that cover corporate and buy-side clients.
He became co-head of capital markets last year when SGX merged equity capital markets with its debt capital markets and corporate client coverage divisions.
He previously worked at global banks including HSBC Holdings, where he was head of Southeast Asia equity capital markets, as well as Deutsche Bank.
See also: MAS’s equities market review group holds first meeting, unveils 31 workstream members
Song’s departure comes at a time when Singapore is trying to revive its stock market. The Monetary Authority of Singapore set up a task force this month to look into ways to tackle poor liquidity and a dearth of new listings, and is set to submit a report within 12 months.
SGX had only one new initial public offering so far this year, lagging behind other Southeast Asian exchanges, according to data compiled by Bloomberg.
Revenue from cash equities dropped by 2.1% in its latest financial year and accounts for less than 30% of total revenue, according to its earnings report, which also showed declines in traded value of securities.
Fixed income, currencies and commodities were the key revenue drivers for the exchange. SGX shares have risen almost 10% this year, outpacing gains in the country’s benchmark stock index.
SGX Group CEO Loh Boon Chye said the bourse is pushing ahead with efforts that included increasing market participation and cross-border connectivity in the equities business. He said the firm will work closely with the task force.
