SINGAPORE IS CATCHING UP
"The exchange can no longer afford to be a backwater,'
declared Joseph Ybaraj Manuel Pillay, managing director of the Monetary
Authority of Singapore, introducing reforms designed to bring the
Singapore Stock Exchange up to date. An unlisted securities market,
opening next month, is only the first of these.
With the USM will come automated screen trading systems and a scrip
depositary, to make scripless trading possible. The new system,
modelled on Nasdaq, will be called Sesdaq--Stock Exchange of Singapore
Dealing and Automated Quotation. Some stocks from the main board may
eventually be transferred to the new system.
Change has been pressed on the Singapore broking community by an
impatient MAS, ever since the collapse of Pan Electric Industries, a
local conglomerate, in November 1985. On November 5 1986 the stock
exchange swore-in its new management committee under Pillay's
approving eye. For the first time in its...
