SGX Group and Nasdaq partner to simplify dual listings

SINGAPORE/NEW YORK - SGX Group and Nasdaq, Inc. (NASDAQ:NDAQ) announced Wednesday a partnership to create a streamlined dual listing framework that will connect the U.S. and Singapore capital markets, scheduled to launch in mid-2026. Nasdaq, with a market capitalization of $48.84 billion and a current trading price of $85.54, has demonstrated strong financial performance with 16.4% revenue growth over the last twelve months.

The new Global Listing Board will enable companies with a market capitalization of S$2 billion and above to simultaneously list on both exchanges through a harmonized process that reduces complexity and costs.

A key feature of the initiative includes a streamlined regulatory process allowing companies to use a single set of documents for listings in both markets, significantly reducing administrative burdens for issuers.

"For issuers, the proposition is clear: access to U.S. market depth and Asian growth in a streamlined pathway," said Loh Boon Chye, Chief Executive Officer of SGX Group, in a press release statement.

Adena Friedman, Chair and CEO of Nasdaq, noted that the initiative demonstrates how "cooperation, smart regulation, and shared standards can create opportunity at scale that benefits both global and regional economies."

The partnership aligns with broader efforts by Singapore’s Equities Market Review Group to enhance the attractiveness of Singapore’s stock market. Chee Hong Tat, Minister for National Development and Chair of the Review Group, stated that the dual listing bridge will help "anchor the listings of dynamic companies in Asia and attract liquidity."

The proposed regulatory framework aims to establish prospectus disclosure requirements in Singapore that are comparable to the U.S., enabling the use of a single set of offering documents. The framework remains subject to finalization of implementation details and completion of regulatory processes.

The initiative has received support from institutional investors in Singapore, including Temasek, whose Chief Investment Officer Rohit Sipahimalani welcomed efforts to deepen market connectivity and broaden access to capital.

In other recent news, Nasdaq Inc. reported its third-quarter 2025 earnings, surpassing market expectations with an earnings per share (EPS) of $0.88, compared to the forecasted $0.85. The company also exceeded revenue projections, posting $1.35 billion against an anticipated $1.3 billion. Meanwhile, the European Commission has launched an antitrust investigation into Deutsche Boerse and Nasdaq, examining potential violations of EU competition rules in the listing, trading, and clearing of financial derivatives. In another development, Nasdaq announced a halt in trading of NusaTrip shares as the exchange awaits further information from the company. This follows a previous SEC suspension of NusaTrip shares that was in effect until October 22, 2025. Additionally, short interest in Nasdaq securities decreased to 16.91 billion shares as of mid-October, down from 17.30 billion shares in late September. This change in short interest represents 1.61 days of average daily trading volume. These recent developments continue to shape the financial landscape for Nasdaq and its stakeholders.

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