By P.R. Venkat And Jake Maxwell Watts
SINGAPORE--The head of Singapore's stock exchange, Magnus
Bocker, will leave in June after a five-year tenure marked by
success in boosting derivatives-trading volume, but also a decline
in activity in regular stocks.
Mr. Bocker joined Singapore Exchange Ltd. in 2010 from Nasdaq
OMX Group Inc., where he served as president, seeking to transform
Singapore's exchange into a regional trading giant.
While he boosted trading derivatives-trading volume to a record
and linked up with some neighboring exchanges in Southeast Asia,
the company has been under pressure recently. Technical problems
halted trading three times last year, and the volume of regular
stock trading has slumped. The company also struggled to attract
big-name listings and failed in a high-profile bid to buy
Australia's exchange in 2010.
"I am proud of our accomplishments in expanding SGX both in
Singapore and internationally, especially for Asian equity index
derivatives," Mr. Bocker said in a statement. "But there is a time
and season for everything, and it is now time for me to take on new
challenges."
SGX in a statement Tuesday said that Mr. Bocker has notified it
that he isn't seeking to have his appointment extended after his
current contract is completed on June 30.
"The board is moving forward with its CEO succession plan and is
assessing internal and external candidates on a short list," SGX
said. It has hired the advisory firm Spencer Stuart to begin the
search.
During his tenure with SGX, Mr. Bocker sought to raise the
company's profile globally, pushing for consolidation with other
exchanges in a region where market operators are often seen as
national assets. In 2010, he announced a near-$9 billion offer to
buy all of ASX Ltd., the operator of the Australian Securities
Exchange, but Australia's government blocked the move, saying it
wasn't in the country's best interest.
Mr. Bocker has also led SGX's efforts to promote itself as a
derivatives trading venue, rolling out contracts on Asian assets
from Chinese stocks to India's currency and achieving record
trading volumes.
Still, SGX has been criticized for failing to boost securities
trading volumes, which have slumped despite efforts to boost
participation among retail investors and attract new listings.
Daily volume in securities trading--the bread and butter of most
exchanges--slumped 30% to 2 billion shares a day in the fourth
quarter, from a year earlier, according to SGX statistics. Last
year, the exchange attracted around $2 billion in new listings,
compared with $5.2 billion in 2013.
Write to P.R. Venkat at venkat.pr@wsj.com and Jake Maxwell Watts
at jake.watts@wsj.com
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