By ANGELA TAN
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Singapore Exchange Limited (SGX) announced on Wednesday that it will cut application and registration fees as well as waive transfer fees levied on trading representatives (TR) in an effort to boost the community here.
These are just part of a slew of initiatives the exchange is embarking to achieve its aim.
Application and registration fees will be reduced from a total of $4,050 to $300. SGX will also waive transfer fees of $2,000, which are levied on TRs who join a new member firm within one month of starting work at their previous firm.
The fee revisions, which take effect from 1 December 2008, will facilitate the entry of new TRs and encourage the growth of the TR community. Based on fees collected in the financial year ended 30 June 2008, this move will result in savings of about $2 million for the industry.
SGX and the Securities Association of Singapore are working with the Financial Training Institute (FTI) at the Singapore Management University (SMU) to launch a new programme for the professional development of brokers and remisiers.
Delivered by FTI@SMU, the rigorous programme aims to raise the standard and professionalism of new and existing brokers as well as remisiers. The first intake will commence in February 2009.
To further capitalise on the fee reductions and new programme, SGX will also work with its member firms on a recruitment drive for new TRs among graduates in the local universities in the first half of 2009. This is in addition to the broking firms' individual recruitment activities.
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