Singapore’s US Stock Trading Push Draws Limited Interest

Singapore Exchange’s effort to attract Asian-hours trading in U.S. stocks has made a weak start, with rival products and cautious investors keeping activity in its Singapore Depository Receipts program extremely low. The exchange listed locally denominated SDRs for Grab, Sea Ltd. and SpaceX in July, but through Sept. 18 only about $2.3 million in SpaceX SDRs traded, compared with roughly $336.6 billion in Nasdaq trading; Grab and Sea SDRs together recorded about $24 million versus $26 billion in U.S. markets. SGX launched the program in 2023 as part of a broader effort to strengthen Singapore’s equities market and says its 38 SDR listings are intended to provide access to global companies during Asian hours, not match trading volumes in their home markets. The limited liquidity nevertheless underscores the difficulty regional exchanges face as brokers, exchanges and cryptocurrency firms introduce competing products tied to increasingly round-the-clock U.S. equity trading. Chris Forbes of CMC Markets called the rollout “anticlimactic,” saying Singapore entered the market after other alternatives were already established.
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