The Singapore-based private securities exchange is moving to its next phase of operations, following its graduation from the MAS Regulatory Sandbox with a Recognised Market Operator (RMO) license.
With the RMO license, Hg Exchange (HGX) will be able to support the issuance and trading of both digital and non-digital capital market products, and plans to grow its marketplace and ecosystem, according to an announcement on Thursday.
Member firm PhillipCapital will be a designated market maker to boost exchange liquidity and facilitate trading at competitive bid and offer prices. The exchange said it has built a strong product pipeline of capital market products, with funds, loans, luxury assets, and real estate under evaluation for future listing. It also plans to onboard more member firms.
HGX announced its first trades in September 2020. Since then, the exchange has listed 13 different products, with a total average monthly trading volume exceeding $500,000 in the last 6 months.
Growing Leadership
In the announcement, HGX said it has appointed Willie Chang, previously its chief operating officer, as chief executive officer, and Eric Neo as president. The pair will oversee the exchange’s strategy and drive business growth in Asia.
Neo is the co-founder and director of RF International Holdings, which includes RF Fund Management. Chang most recently built and launched Wowoo Exchange Singapore, where he also served as CEO, and previously held positions at Mizuho Securities, Lehman Brothers and Deloitte.
