SINGAPORE (May 28): The unexpected reduction in the Singapore Exchange’s (SGX) licence agreement with MSCI – in apparent favour of the Hong Kong Exchange (HKEX) – has prompted many analysts to downgrade their recommendation on SGX.

See: SGX reduces licence agreement with MSCI from February 2021

DBS Group Research says the stock is “fully valued” from “hold”, as it believes SGX’s derivatives volume growth has been dented.

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