SGX proposing shorter T+2 settlement cycle and other changes

SINGAPORE (Nov 29): Singapore Exchange (SGX) is proposing a number of changes in the clearing and settlement of securities in the Singapore stock market, as part of its efforts to make the process safer and aligned with global practices.

In a Wednesday announcement, SGX outlines three proposed improvements for risk reduction, beginning with a shorter T+2 securities settlement cycle of two days instead of the current span of three days (T+3) to reduce counterparty risks market-wide, as well as securities and funds earlier for investors.

Sea, former Garena, files for NYSE IPO

SINGAPORE (Sept 23): Sea, the internet company formerly known as Garena, is readying itself for an initial public offering (IPO) in the US.

On Saturday, the company announced it has filed a registration statement with the US Securities and Exchange Commission for a proposed IPO of its American Depositary Shares representing Class A Ordinary Shares.

Although the number of shares to be offered and the price range for the offering have yet to been determined, Sea was valued at US$3.75 billion after a March 2016 funding round.

Apple, energy shares shine as Wall Street rallies

Apple Inc

NEW YORK (May 17): Wall Street rallied sharply on Monday, juiced by a jump in Apple shares and gains from energy stocks that were backed by stronger oil prices.

Apple shares finished up 3.7% after Warren Buffett's Berkshire Hathaway reported a stake worth about US$1 billion ($1.37 billion) in the iPhone maker. The stock, which had lost about one-fifth of its value in the past month, gave the biggest boost to the three indexes.

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