Several veteran staff from the Singapore Exchange (SGX) will be leaving, according to those familiar with the issue.
Ms. Friedachon, who runs the team responsible for approving the initial public offering (IPO) and June Sim, who heads list compliance in the exchange’s regulatory division, will be leaving, according to people. No information has been made public.
People said Nico Torchetti, a former HSBC Holdings banker who led SGX operations and market services, is also leaving. All have been working at SGX for at least 10 years.
People said Ms. Elizatan, who was in the listing compliance department, will take over Ms. Chung’s position as IPO admissions director. Michaeltan, director of Singapore Exchange Regulation Listing Policy and Product Admission, will replace MS SIM. The changes will take effect in the second quarter.
A spokesperson for SGX said the company is “continuously strengthening” its talent bench at all levels to ensure it is positioned properly in the future, in response to questions from Bloomberg News. Ta. The team built by the trio leaves the SGX in “very capable hands,” she added.
Mr. Chong and Ms. Sim did not respond to LinkedIn emails or messages requesting comment, but Mr. Torquetti declined to comment.
The change comes as some insiders at the company are questioning the Singapore government’s extensive efforts to revive the country’s stock market. Performance goals for the IPO Units include more than double the number of seven new lists for last fiscal year ended June 2024, preventing more registrations. Some SGX staff believe their goals are unrealistic and impossible to achieve, Bloomberg News previously reported.
Co-head Matthew Song of SGX’s Capital Markets left after only playing the role in the second half of 2024 in the second half of 2024. The former investment bank has been a exchange operator since 2018. Several senior staff members from the Bulls IPO unit have also been recently scouted by outside companies, said those familiar with the issue.
Exchanges have struggled for years to ensure more companies are open to city-states, and registrations have frequently outweighed new debuts. In 2024, there were only four IPOs totaling USD 34.4 million (46.1 million s), but the Bloomberg show compiled it as the second-lowest in over 20 years. Last week, a local sponsor of Paragon REIT offered to make it private.
Last week, a government-led review group proposed using tax credits to businesses and fund managers to encourage local listings and launch and grow funds that invest heavily in domestic equities.
SGX’s shares fell on February 14 after saying the initial measures proposed by the group were disappointing. Some market participants are asking the Singapore government to divert billions of dollars in public funds to local stock markets.
The 2024 Straits Times Index performed best with a profit of 17% since 2017, and rose further in 2025, led by a bank equity rally. The bulk of the trading volume in Singapore’s stock market is concentrated on 30 benchmark stocks, and the lack of liquidity in the middle and small names is another issue that the government-led task force is trying to address. Bloomberg
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