Singapore's link to US stocks off to sluggish start
SINGAPORE — Singapore's effort to offer trading in American stocks during Asia hours has gotten off to a sluggish start as rival products and wary investors keep early volumes extremely low, showing how hard it is for regional bourses to get a slice of demand for around-the-clock US trade.Singapore Exchange listed its first three US stocks through its Singapore Depository Receipts (SDR) programme in July, with locally denominated shares in Grab, Sea Ltd and SpaceX.Since then, just $2.3 million worth of SpaceX SDRs has changed hands through Sept 18, a small fraction of the roughly $2 billion in average daily SGX turnover and some US$336.6 billion (S$431.2 billion) in SpaceX stock traded on the Nasdaq, according to Reuters calculations.The entirety of trading of SpaceX since its listing in Singapore represents 0.0007 per cent of its total in the US during the same period, Reuters calculated. A total of around US$24 million in Grab and Sea SDRs was traded in the period, compared with US$26 billion in the US.