SINGAPORE: The Monetary Authority of Singapore said on Wednesday (Jun 6) that it has asked Malaysia to clarify its position on a proposed link between the countries' stock exchanges.
The comments came after Malaysian Prime Minister Mahathir Mohamad said at a media conference earlier in the day that his new government would review a project announced by the previous administration to form a trading link between Bursa Malaysia and the Singapore Exchange.
Advertisement"MAS has asked the Securities Commission Malaysia (SC) to clarify its position on the planned stock market trading link between Bursa Malaysia and Singapore Exchange, and will await the SC’s update on the matter," the Singapore central bank said in response to queries from the media.
Regulators from Malaysia and Singapore had announced in February that the two countries would set up a stock market trading link by the end of this year.
The trading link would allow investors to trade and settle shares listed on each other's stock market more conveniently and at lower costs. It would also cover post-trade arrangements like the clearing and settlement of the stocks traded.
At a media conference after chairing a Cabinet meeting on Wednesday, Dr Mahathir was also asked if the government had discussed replacing Bursa Malaysia CEO Tajuddin Atan.
AdvertisementAdvertisementTajuddin was appointed to head Bursa Malaysia in 2011. Previously, he had been group managing director of RHB Capital Berhad.
“It was not discussed. I did not see it (the proposal) on the table,” Dr Mahathir replied.
Dr Mahathir's Pakatan Harapan pulled off a shock victory at the Malaysian general election last month, ending the rule of Barisan Nasional, which had led the country for six decades since independence.
The new government led by 92-year-old Mahathir is seeking to unearth suspected graft that took place during former Prime Minister Najib Razak's near-10 years in power, casting a cloud over the future of several top officials.
Dr Mahathir accepted the resignation of the central bank governor on Wednesday, the latest in a string of departures of top officials.
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