Local banker named as new CEO of SGX
VETERAN banker Loh Boon Chye will be the new chief executive of the Singapore Exchange (SGX).
Mr Loh, who takes up the appointment on July 14, is replacing Magnus Bocker, it was announced yesterday.
Mr Loh is no stranger to SGX, having been a director from 2003 to 2012.
The 51-year-old was described as "very well regarded by everyone who has worked with him and respected as an accomplished leader and team manager" by SGX chairman Chew Choon Seng, who added that Mr Loh's "knowledge and extensive experience in capital markets equip him well to take SGX forward".
Mr Loh said yesterday: "I am honoured to be given the mandate to steer SGX, and look forward to further building on a strong foundation.
"I have previously had the opportunity to be involved with SGX and seen it grow into a truly international exchange that is a gateway to Asia.
"In a rapidly evolving financial landscape, SGX has to adapt to stay ahead and I look forward to working with the team towards this goal."
Mr Loh has spent 26 years in the financial services industry, starting as an investment officer at the Monetary Authority of Singapore in 1989.
He joined the Singapore branch of Morgan Guaranty Trust of New York in 1992, before moving to senior roles with Deutsche Bank Singapore, and most recently, Bank of America- Merrill Lynch as deputy president and head of global markets for Asia-Pacific.
Mr Loh graduated from the National University of Singapore with a Bachelor of Engineering.
David Gerald, founder, president and CEO of Securities Investors Association (Singapore), said it is "particularly pleased to see the SGX board appointing a Singaporean to succeed Mr Bocker".
Mr Gerald noted that there are challenges ahead, including dealing with "lack of protection for investments in S-chips as well as serious concerns relating to large share consolidation by penny stock companies leading to erosion of shareholder value".
He also cited low trading volumes.
Gibson, Dunn & Crutcher partner Robson Lee said Mr Bocker leaves an improved bourse.