SINGAPORE, June 8 (Reuters) - Singapore Exchange Ltd (SGX) appointed veteran banker Loh Boon Chye as its chief executive to lead a revival of the bourse’s fortunes that have been marred by falling trading volume and technical glitches.
Loh, 51, who quit as head of Asia-Pacific global markets at Bank of America Merrill Lynch in March more than two years after joining, succeeds outgoing CEO Magnus Bocker who is leaving after five and a half years at SGX. Loh was widely tipped to take over and will start on July 14.
“Boon Chye is no stranger to SGX and his knowledge and extensive experience in capital markets equip him well to take SGX forward,” Chew Choon Seng, SGX’s chairman said in a statement on Monday.
While Singapore is the No. 1 venue in Asia for foreign exchange trading and has seen strong growth as a derivatives centre, the average value of shares traded on its exchange each day is less than that of Thailand’s and trails far behind Hong Kong’s and Tokyo‘s. (Reporting by Anshuman Daga; Editing by Muralikumar Anantharaman)