The American Stock Exchange and Singapore Exchange (SGX) announced today that certain exchange-traded funds listed on the Amex will begin listing and trading on the SGX on May 4.
The products that the SGX will list and trade are: S&P 500 SPDRs, DJIA DIAMONDS, the iShares S&P 500 Index Fund, the iShares MSCI Singapore Index Fund, the iShares S&P Europe 350 Index Fund, the iShares Dow Jones U.S. Technology Sector Index Fund, the Internet Architecture HOLDRS, the Biotech HOLDRS, and the Europe 2001 HOLDRS, according to the announcement. This marks the first global ETF trading network, according to Salvatore Sodano, chairman and CEO of the Amex. The trading network will be interchangeable meaning that products bought on one exchange can be sold on the other, he said. It will provide both retail and institutional investors with their first opportunity to trade ETFs across the North American and Asian time zones, said Sodano in a statement. The Amex and SGX signed an agreement last June to create this joint venture. Under the agreement, a Singapore-based joint venture company owned equally by both exchanges will be created to promote ETFs on the SGX, according to the announcement.