Will structured certificates be the silver bullet for the SGX and spur more investor interest, or is this a shot in the dark?
Even before the pandemic, the exchange more saw delistings than listings. From 2009 to 2019, there were, according to the finance minister at that time, Tharman Shanmugratnam.
In the near term, structured certificates are not likely to have a material impact on the earnings of SGX, he said, but they could give exposure to underlying securities in other markets, with easier and more convenient access through SGX, Wickramasinghe said.Speaking to CNBC in late August, Syn said he's confident the market will develop and mature as the SGX lists more of these structured certificates.
According to Reynolds, under the OTC distribution model, structured products are typically distributed to high-net worth clients by private banks, and would involve embedded fees for the creator, as well as fees for the bank or distributor. "The difference with listing it on the exchange is that it comes with a broader distribution perimeter, meaning you don't have to be a private bank client, or an accredited investor," Syn said.
For example, if a structured certificate comes with a 10% coupon, an investor buying the certificate will get a 10% return upon expiry, even if the value of the stock goes up more than 10%.
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