Hong Kong’s stock exchange group took a big step in its efforts to broaden its appeal to international investors on Wednesday when it snatched a key derivatives licensing agreement from the hands of its Singapore rival after 23 years, sending SGX’s shares tumbling.
The deal will allow Hong Kong Exchanges and Clearing to offer futures and options contracts based on 37 of MSCI’s equities indices, mostly in Asia, from June.
SGX warned analysts that its loss of the contract would hit 2021 profits by 10-15 per cent. Its shares fell by 12 per cent, its largest one-day drop in more than a decade.
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