Singapore Exchange has introduced depository receipts for Elon Musk’s SpaceX, ride-hailing firm Grab, and tech conglomerate Sea.
Singapore’s bourse operator said on Tuesday that trading for the depository receipts commences trading on Wednesday, allowing investors to trade the companies in Singapore Dollar during local market hours.
The three inclusions expand SGX’s offering to 38 depository receipts across Thailand, Indonesia, Hong Kong, and the U.S., the statement said.
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A man walks past the Singapore Exchange (SGX) in central business district area in Singapore, April 7, 2020. Photo by Reuters |
SGX said the launch would allow retail investors to access exposure to the equities, with the DRs allowing for a simplified and convenient way to gain exposure in the local currency.
The introduction of SpaceX’s depository receipts comes after its rockets-to-AI blockbuster IPO last month, the largest ever. Grab and Shopee’s parent Sea, although listed in the U.S., are both headquartered in Singapore.
“By minimising traditional pain points such as foreign exchange friction and overseas market complexities, investors can conveniently build a globally diversified portfolio in SGD within a familiar trading environment,” Bernice Tan, Securities Market & Depository with SGX said.
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