Chance to restore confidence in SGX

MR MAGNUS Bocker's decision not to seek an extension to his term as chief executive of the Singapore Exchange is an opportunity to restore confidence in SGX ("After eventful tenure, SGX chief set to leave in June"; Wednesday).

It could have been his unfamiliarity with the local market that caused him to be unable to replicate the magic he created during his tenure as president of Nasdaq OMX.

What is now of foremost importance is selecting the best man for the job ("Next SGX honcho: Foreign or local hire?"; yesterday).

The Singapore stock market has unique characteristics, for example, having shipping and engineering firms constituting a large proportion of listed companies.

Hence, the incoming candidate should be one who has in-depth exposure and knowledge of the local market to tap the strengths of the SGX .

The importance of strong management cannot be further emphasised, and retail investors are sure to be enticed back to the local bourse if the right person and policies are in place.

I urge the SGX to be wise in choosing its next CEO in order to revive consumer confidence in the local bourse.

Matthew Kwan Kai En

This article was first published on Feb 27, 2015.
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