Singapore Exchange (SGX) is an equities, fixed income, derivatives, commodities, and foreign currency exchange. SGX operates the largest stock market exchange in Southeast Asia with nearly S$1 trillion in total market capitalisation of listed equities. SGX is also Asia’s largest debt securities exchange with more than 3,100 bonds from 47 countries listed. As an exchange operator and a regulator, SGX occupies two roles which are usually separated – for example, the independent Securities and Exchange Commission regulates the New York Stock Exchange and Nasdaq in the U.S. Because of its dual roles, SGX has had to deal with criticism about a potential conflict of interest between its commercial and regulatory operations. In September 2017, SGX set up a subsidiary – Singapore Exchange Regulation (SGX RegCo) — to oversee its regulatory role. The regulatory unit has the power to act against companies and directors if they are found in breach ......