The Monetary Authority of Singapore (MAS) has released the Equities Market Review Group’s final report and announced a package of measures to strengthen the competitiveness of Singapore’s equities market. The initiatives include a proposed dual listing bridge between Singapore Exchange (SGX) and Nasdaq, a S$30 million “Value Unlock” programme for listed companies, a second batch of placements under the Equity Market Development Programme (EQDP), and planned trading and market structure enhancements. The SGX-Nasdaq bridge is intended to provide a harmonised pathway for companies to access capital and liquidity in both North America and Asia, targeting Asian growth companies with market capitalisation of S$2 billion and above that have an Asian nexus and global ambitions. MAS will work with SGX to consult on a regulatory framework for prospectus disclosure requirements comparable to those in the United States, enabling issuers to use a single set of offering documents, with the new board envisaged to go live around mid-2026, subject to relevant regulatory processes. The Value Unlock programme will be supported by S$30 million from the Financial Sector Development Fund through “Equip” and “Elevate” grants, alongside initiatives to improve strategic communications and provide regulatory clarity on forward projections, and ecosystem efforts to promote peer learning. MAS and the FSDF will also place S$2.85 billion with six EQDP asset managers (Amova Asset Management, AR Capital, BlackRock, Eastspring Investments (Singapore), Lion Global Investors, and Manulife Investment Management (Singapore)), bringing total allocations to S$3.95 billion across nine managers. On market structure, incentives and grants will be introduced to strengthen market making, with further details expected in 1Q 2026, and SGX will consult in 1Q 2026 on rule changes to facilitate wider use of broker custody accounts while allowing retail investors to retain CDP direct accounts. SGX also plans to reduce board lot size for securities above S$10 from 100 to 10 units. MAS will establish an Equity Market Implementation Committee co-chaired by MAS Managing Director Chia Der Jiun and SGX Chief Executive Officer Loh Boon Chye, with details expected in 1Q 2026, while the next phase of EQDP appointments is expected in 2Q 2026.
Monetary Authority of Singapore 2025-11-19
Monetary Authority of Singapore completes equities market review and unveils SGX-Nasdaq dual listing bridge and S$30 million Value Unlock package
The Monetary Authority of Singapore has introduced measures to boost the competitiveness of Singapore's equities market, including a proposed dual listing bridge between Singapore Exchange and Nasdaq, and a S$30 million "Value Unlock" programme. Additional initiatives involve trading and market structure enhancements, such as reducing board lot sizes and introducing incentives for market making. MAS will also place S$2.85 billion with six asset managers under the Equity Market Development Programme, bringing total allocations to S$3.95 billion.