Equities Market Review Group publishes final report and announces SGX-Nasdaq dual listing bridge, value-creation programme, second batch of EQDP asset managers, and trading and market structure enhancements

2 December 2025

On 19 November 2025, the Monetary Authority of Singapore (“MAS”) announced the completion of the Equities Market Review Group’s (“Review Group”) review and release of its final report. Key measures announced to strengthen the competitiveness of Singapore’s equities market include:

the establishment of a dual listing bridge connecting Singapore Exchange (“SGX”) and Nasdaq;
the launch of a S$30 million “Value Unlock” package to help listed companies unlock shareholder value and deepen engagement;
the appointment of the second batch of asset managers under the S$5 billion Equity Market Development Programme (“EQDP”); and
trading and market structure enhancements to strengthen market making, modernise post-trade custody, and reduce board lot size.

Background

The initiatives unveiled on 19 November 2025, shaped through close consultation with industry stakeholders, complement the earlier tranches of measures announced by the Review Group in February 2025 and July 2025. Collectively, these measures help to strengthen Singapore’s growth capital ecosystem for quality companies and startups, including through a more pro-enterprise disclosure-based regulatory approach that maintains high standards of disclosure while enhancing investor protection and corporate governance.

SGX-Nasdaq dual listing bridge

As part of the Review Group’s work to enhance Singapore’s market connectivity through cross-border partnerships, MAS has encouraged and facilitated SGX’s and Nasdaq’s proposal to establish a dual listing bridge connecting both exchanges. This will provide a direct and harmonised pathway for companies to simultaneously access capital and liquidity across North America and Asia. The bridge aims to attract quality growth companies in Asia with market capitalisation of S$2 billion and above, and which have an Asian nexus and global ambitions, to raise capital from investors in both markets.

The two exchanges have shared that the proposal is subject to the completion of relevant regulatory processes. MAS will work with SGX to consult on the regulatory framework for a set of prospectus disclosure requirements comparable to that in the US that will enable issuers to use a single set of offering documents, cutting regulatory friction and costs. Various measures that have been introduced so far, such as the EQDP and Anchor Fund @ 65, will also support fundraising and trading liquidity for promising high growth companies on this new board. The new board is envisaged to go live around mid-2026.

“Value Unlock” programme

MAS and SGX will launch a “Value Unlock” programme to help listed companies strengthen investor engagement and sharpen their focus on shareholder value creation.

The programme comprises three reinforcing pillars:

Capabilities: MAS will allocate S$30 million from the Financial Sector Development Fund to fund two grants, for listed companies at different developmental stages, to build competencies in corporate strategy, capital optimisation, and investor relations. These are fundamental to helping companies articulate compelling value propositions and build more effective investor relationships.

Communication: MAS will work with SGX to help companies communicate strategic plans more proactively, effectively, and consistently. Initiatives introduced to assist companies include toolkits, outreach events, media engagements, and enhanced research coverage for eligible companies under the Grant for Equity Market Singapore scheme. Regulatory clarity will also be provided to assure companies that their communications and forward projections are acceptable practices that comply with the law.

Communities: MAS and SGX will work with ecosystem partners to foster peer learning and collaboration through platforms like the Singapore Institute of Directors’ Chairpersons Guild. These networks can foster a reinforcing ecosystem that propagates best practices and encourages more companies to prioritise shareholder value creation.

Appointment of second batch of EQDP asset managers

MAS has announced the appointment of the second batch of six appointed asset managers, with a combined allocation of S$2.85 billion.

The EQDP’s objective is to develop the local fund management industry and increase investor participation in Singapore equities. To this end, these local, regional, and global managers bring diverse expertise, investment strategies, and distribution networks to attract a broader investor base to Singapore’s equities market. Their EQDP fund strategies can also include participation in initial public offerings, adding to the pool of capital that supports cornerstone investments for high-quality new listings. Including the first batch of EQDP appointments in July 2025, the total allocation is now S$3.95 billion across nine appointed asset managers. MAS will also review the remaining EQDP submissions, with the next phase of appointments expected in Q2 2026.

Trading and market structure enhancements

The Review Group also supports the following trading and market structure enhancements:

Enhance market-making ecosystem to lower execution costs: MAS and SGX will introduce incentives and grants to strengthen market makers’ capabilities, focusing on newly listed and next-tier small- and mid-cap stocks outside the Straits Times Index. More details will be announced in Q1 2026.

Modernise post-trade custody model to improve efficiency and reduce costs: SGX will facilitate investor adoption of broker custody accounts, enabling a broader offering of investment services such as portfolio management, fractional trading, and robo-investing for SGX securities. This proposed broker custody account model aligns with the practice in major markets and encourages greater participation by internationally-active asset managers. Retail investors will have the option of keeping their direct accounts with The Central Depository (Pte) Limited if they wish to do so. SGX will consult on rule changes in Q1 2026 and work closely with stakeholders to ensure a smooth transition.

Reduce board lot size to improve investor access: SGX plans to reduce the board lot size for securities that are trading above S$10 from 100 to 10 units. This will significantly lower minimum investment requirements, encouraging broader investor participation and boosting trading activity.