Singapore Exchange Ltd

Very good evening to everyone joining us here today, both in person and via the webcast. I'm Liana from Investor Relations. Welcome to SGX Group's FY2026 Full Year Results Briefing. In a while, I will invite our CFO, Mr. Daniel Koh, to present the financial highlights, followed by our CEO, Mr. Lobun Chai, who will present the business updates. Following the presentation, we will have a Q&A session with SJX Senior Management. Please introduce yourself before you ask your questions. It's now my pleasure to invite Dan to present the financial results. Dan, please.

Good evening, everyone. Thank you for joining us here today. It is a real pleasure to share with you SGX Group's standout performance for financial year 2026. We achieved another milestone year, delivering our highest ever full-year revenue and earnings. Net revenue grew by 14% and adjusted earnings grew by 25%, continuing the strong momentum from a high base in FY25. Net revenue for our equities cash business or SCF stock exchange grew significantly by 28% as the securities daily average value rose 35% to its highest level in 18 years. This strong performance was built on structural market changes and focused execution. SGXFX delivered another record year with net revenue increasing 12% on average daily volume of US$190 billion, driven by client expansion and platform innovation. Currencies and commodities continue its strong growth trajectory, led by record volumes of several products including CNH and INR currency futures, iron ore, freight, petrochemicals and dairy contracts. Equity derivatives net revenue was comparable maintaining momentum from a record high base last year as our flagship China and India index franchises continued to capture risk management needs. Expenses increased by approximately 6% at the higher end of our guidance as we stepped up on investments. I will elaborate on the key cost drivers shortly. More importantly, we remain focused on operating leverage as the business scales. We are confident in delivering medium-term growth. We expect broad-based growth across all operating segments in FY27 as our diversified multi-asset strategy positions as well to deliver strong performance amid ongoing global uncertainties. We remain disciplined in capital management, balancing strategic investment and shareholder return. In FY27, we expect expenses to increase by 6-8% alongside CAPEX spend of approximately $100 million This is important to support our long-term growth and competitiveness. At the same time, I am pleased to announce that due to this year's capital recycling gains, the Board has proposed a one-off additional dividend of 12.5 cents per share. in addition to the previously guided fourth quarter dividend. This brings FY26's total dividends to $0.57 per share representing a 52% increase from the last financial year. Our strong balance sheet supports our plan to redeem our outstanding bonds in FY27 while positioning us well to pursue business opportunities. Now, let us walk through the headline financials. Group net revenue increased by 13.9%. Group expenses on an adjusted basis increased by 5.5%. Group impact on a reported basis increased by 7.8%, while on an adjusted basis it increased by 24.6%. Our margins continued to improve. Adjusted Operating Profit Margin and Adjusted NPAT Margin increased by 3.1% and 4.4% respectively. Let me now elaborate on the group's net revenue performance across our four operating segments. Our FICC revenue grew $55 million or 17% accounting for 25% of total revenue. I had touched on the record volumes of SGXFX, commodity and currency derivatives earlier. The breadth and depth of our multi-asset product suite and global client network positioned us well to capture increased risk management needs during heightened uncertainties. The equity's cash revenue grew by $100 million or 28% and contributed 34% to total revenue. The strong growth in SDAV reflected positive structural trends, including stronger fundraising activity and higher levels of participation across investor segments. Equity derivatives revenue was comparable year-on-year, maintaining last year's high base and accounted for 23% of total revenue. Equity derivatives volumes increased by 6%, driven by sustained demand in China A50, Gift Nifty and Taiwan contracts. The higher trading and clearing revenues were offset by lower treasury income. Platform and others revenue increased by 7% driven by higher data and co-location sales and higher fees since second half of FY 2025 This segment has grown at a steady average rate of 5% over the past three years Moving on to expenses Adjusted expenses increased by 5.5% as we increased resources to support growth initiatives Total staff cost increased by $27 million in both fixed and variable portions due to merit increments, higher headcount and higher profitability Technology expenses increased on various upgrades and system enhancements Adjusted expenses were $19 million lower than reported expenses because it excludes amortization of intangible assets, transformation-related costs, and other one-off items. The transformation is focused on enhancing our technology capabilities as part of our strategy for future growth. This will be an area of focus for the next two years as we continue to invest here. Adjusted earnings reflect our underlying core performance by excluding non-cash and other adjustments. Thus, we removed a non-cash net fair value gain of $10 million in line with our announcement in the first half of FY26 relating to the sale of trading technologies in July 25. Second, we added back Scientific Vita's FY26 impairment charge of $53 million given the divestment on 8 July 2026. This transaction underscored our disciplined approach to capital management as we sharpened our focus on growth priorities. Lastly, we added back $18 million, consistent with items elaborated in the previous slide on expenses. Turning to capital management, We remained disciplined and proactive in deploying capital to create long-term value. Our strong execution has delivered a consistent growth track record while we undertake strategic capital recycling initiatives. We maintained a balanced approach, continued investment in growth opportunities while delivering sustainable returns to shareholders. Turning to how we invest for growth organically, we will continue to deploy capital into opportunities that strengthen our competitive positioning. FY27 CAPEX will increase to around $100 million, reflecting targeted investments in product innovation, including the expansion of our SDX FX franchise and gold initiatives, platform modernization, and enhancing enterprise capabilities. In line with these, FY27 expenses are expected to increase by 6-8% as we continue to invest in technology and talent to drive growth. Now moving on to shareholder return. We remain fully committed to a sustainable and growing dividend and are confident to deliver the dividend growth trajectory of 0.25 cents increase every quarter to FY28 as previously guided. As highlighted earlier, the Board proposes a 12.5 cents one-off additional dividend from capital recycling gains this year, an amount higher than the fourth quarter planned dividend. This rewards our shareholders for your continued trust in SGX. FY26's total dividend will be $0.57 per share, a 52% increase from FY25. With that, let me now hand over to Gun Chai, our CEO, who will deliver the business updates. Thank you.

Good evening and thank you for joining us. As Daniel has shared, FY2026 was a strong year for SGX Group. Our performance demonstrates the strength of our multi-asset strategy that we have been executing over the past decade. We have deliberately built a broader, more resilient and more global business. As a result, we are able to capture new opportunities across changing market environments. As we look ahead, global capital markets are being shaped by major structural shifts. Geopolitical uncertainty remains elevated as capital allocation to Asia continues to grow. Global investors are seeking cross-asset solutions and more efficient ways to manage their risks. Concurrently, rapid innovation is reshaping market infrastructure and client expectations. These strengths underscore the relevance of SGX long-term strategy. were uniquely positioned to help clients navigate uncertainty across investment opportunities and connect capital across markets. To maintain this leadership and drive sustainable growth, we are investing with discipline across products, platforms, and enterprise capabilities. Our established derivatives franchise is where The benefits of our global multi-asset business are most evident today. In FY26, we delivered another milestone year as we broaden and deepen our market leadership. The deep and diverse liquidity across our franchise anchors global participants with activity increasingly extending beyond Asian trading hours. T plus 1 volumes have risen from 18% in FY23 to 22% today, reflecting broader international participation. In listed FX, we see robust momentum. Volumes in our listed FX franchise has grown at 38% CAGR over the past three years, as clients navigate heightened geopolitical and macroeconomic crosswinds. Our RMB and Rupee contracts are the 2nd and 8th most traded FX futures contracts in the world. Adding to these flagship products are our fast-growing Korean won futures with the latest daily average volume growing at a 3-year CAGR of 77%. In a world where Asia is Gradually shaping global capital flows and currency markets, SGX has become the exchange where global participants come to manage Asian FX risk. For commodities, geopolitical risks are redefining the role of this asset class in global portfolios, while seeing a critical inflection. Financial participants now represent over half of our trading volumes, with more than 70% of all futures volumes traded on-screen, enabling robust price discovery and furthering liquidity. Our commodity derivatives volumes have expanded at a 24% three-year CAGR, anchored by INR. In equity derivatives, our strength lies in the scale and liquidity we have built across key Asian equity benchmarks. Liquidity attracts liquidity, creating powerful network effects that are difficult to replicate. In Greater China, our China equity contract remains the most liquid international futures contract for Chinese equities. anchoring substantial pools of liquidity as DAB grew 9% year-on-year in FY26. Our Taiwan Futures Contract is the most widely traded international futures tracking one of the world's most important technology ecosystem with almost 90% market share by volume and open interest. This has allowed investors to express their market views on the global chip industry, AI and digitalization. We introduce micro-talent futures to provide more precise and cost-efficient access for a broader range of participants and have since applied this approach for our Japan and Singapore benchmarks. To maintain this growth, we are accelerating product innovation and deepening our partnerships with global index providers. This allows us to expand our product shell in areas where we're seeing evolving customer demand and long-term opportunities. In FY26, we further expanded our partnership with FTSE by launching Asian Government Bond Futures, tracking FTSE's Asia Pacific Liquid Government Bond Index Series extending our director's offering into fixed income and providing clients with another way to manage Asian market exposure. By the end of this calendar year, through an enhanced licensing agreement with MSCI, we will introduce new contracts that span a wide range of global markets, sectors and teams. Our long-standing relationship with S&P Global Platts has been instrumental in establishing global recognized benchmark contracts across iron ore, cooking coal, petrochemicals, and other energy products. Alongside these partnerships, we have leveraged capabilities within our own index business, iEdge, to launch crypto perpetual futures in FY26. Our crypto perpetual futures are an example of how we are extending our relevance into new structures and asset classes by building adjacent ecosystem around franchises where we already have strong market positions. Looking ahead into FY27, gold is another natural adjacency for our commodities franchise. were building a more comprehensive ecosystem with the industry and MAS to build the OTC gold market and a deliverable futures contract providing clients with more ways to access and manage gold exposure while developing Singapore as a leading gold hub. Impara was seeing opportunities to expand cross-asset participation Our multi-asset platform enables clients to manage their risk and investment needs more holistically. By leveraging our insights and connectivity across our platforms and markets, we can anticipate client needs and deliver more tailored solutions. As client engagement deepens, so too our relationships and ability to capture a greater wallet share. Let me now move on to SGX FX where our client-centric approach is delivering strong results. SGXFX was the fastest growing exchange backed OTC FX platform in FY26 with average daily volume at US $190 billion a 36% CAGR growth from FY23. What is notable is the quality of this growth. We saw strong broad-based expansion in both bank and non-bank segments, with EMEA and The America driving fastest revenue growth. Going forward, we will elevate our client proposition by strengthening our competitive modes. First, we are enhancing the synergies between our OTC and listed FX franchises. This includes making it easier for clients to move between bilateral OTC execution and listed FX futures through our exchange for related positions or known as EFRPs and enabling participants to transfer risks efficiently while reducing friction, lowering costs and improving capital efficiency. In addition, we will further expand our client coverage, building on the strong traction in newer markets we have entered such as the Middle East, Korea, and Brazil. Finally, we are enriching our offerings in emerging market currencies, options capability, data, and API-based services. Together, these initiatives position SGSFX for continued growth as we meet clients' needs for greater connectivity, integrated workflows, and deeper liquidity. While our drifters and FX businesses scale globally, we are equally focused on sustaining the momentum in our stock market. FY26 was an exceptional year for our stock market, marked by improving participation, liquidity and trading activity. Securities Daily Average Value or SDAB grew substantially across all investor and stock segments Retail participation reached a five-year high while institutional interest has broadened beyond the STI index constituents Small and mid-cap activity has strengthened with institutional inflows into this segment growing three times This reflects the combined impact of better research coverage, stronger issuer engagement and growing investor attention. On the issuer side, the IPO pipeline is strong. We welcome 21 new listings in FY26. In our pipeline, we see interest from diverse sectors including digital infrastructure, healthcare and consumer, Real Estate Services and REITs. What is encouraging is the stronger institutional participation in IPOs, including support from EQDP fund managers and long-only investors. Together, with our Value Unlocked movement and other initiatives to grow demand and supply, we continue to work with the ecosystem to drive sustainable liquidity, while also expanding the ways investors can access opportunities through SGX. Initiatives such as the Global Listing Board, cross-listing of ETS and SDR expansion to include US listed stocks further enhance SGX connectivity with global and regional markets. These efforts are mutually reinforcing. Greater participation improves liquidity, which attracts higher quality listings reinforces investors' confidence and in turn drives deeper market engagement and creates a virtuous cycle. We are committed to creating a more vibrant and connected stock market that reinforces Singapore's position as a leading capital markets hub. The progress in our stock market together with the momentum across derivatives, FX and commodities reflect the broader SGX story. We have significantly transformed the composition of our business. Our overall operating revenue base has nearly doubled, growing from just over $800 million in FY16 to more than $1.5 billion in FY26. Importantly, this growth is driven by multiple businesses across the group. Our strong performance provides a solid foundation to capture the next phase of growth. First, we will continue to innovate around franchises where we already have liquidity and leadership, creating new ways for clients to access markets, manage risk and deploy capital. The scale of our franchises give us a strategic view of how capital, risk and liquidity move across market. As clients increasingly invest across asset classes, we will harness the data we have to secure a larger share of our clients' trading portfolios. Alongside this, we will focus on executing the stock market initiatives that are underway. In close collaboration with market participants, we will work on translating the momentum in our stock market into enduring and sustainable liquidity. Finally, we will enhance our enterprise capabilities by investing in technology, data and automation, including AI. This will enable operational efficiency, strengthen decision-making and build a more agile, future-ready SGX. At the same time, we are also investing in product innovation and platform modernization as mentioned by Daniel earlier. FY2026 was another year of growth for SGX Group. Notwithstanding market conditions, we are confident that with focus and consistent execution, we will capture the opportunities ahead of us. Thank you for your attention and I invite my colleagues and I to take questions now. Next you can have the first question.

Thanks very much and congratulations on a very strong set of numbers. Can I go on to or talk a little bit about costs because you've obviously signalled in this presentation huge opportunities ahead on the revenue side and obviously therefore there's a need to invest. So I wonder if we could do two things. First of all, can you talk a little bit about the process that you and Daniel go through when you're giving this money to people? You obviously want a return, so could you talk about how that works and what sort of return you're looking for on the additional spend and how you're going to measure people and make sure that return comes through. And then I guess the second thing is that a lot of this is about technology and investing in technology. I get there's also investing in people and products and things like that. And you've got a new CTO. So I wonder if you could talk a little bit about some of the technological changes that are happening in the exchanges world and what you need to do and what you're doing to sort of meet those challenges.

Thank you for the question, Nick. First, I think in the last two years, as we've mentioned in briefings, the cost base was lower, I think, on two considerations. One, in the timing of hiring of additional staff, and then two, in terms of the full-year impact. and that's clearly not sustainable but I think more importantly is our increased focus to be agile nimble to react to increasingly client needs and thereby will continue not just to invest in capabilities in people but also in technology upgrade which then relates to your second question in the world where AI is evolving and changing clients and the environment they are faced with, the ability and agility to bring an idea from conception to eventual product probably has to shrink quite a bit. And in that, the tech development clearly has to shift towards more of a product-led enabled by engineering capabilities and that's what we are looking at we'll do in the next two to three years and we're starting not just right now but in the last few months and given the structural shifts that we're seeing in various markets we're confident that these are investments well made But importantly, I hope we have also demonstrated as a group, as a team, a continued discipline focus on cost, very consistent execution, and then very targeted focus to capture the opportunities that we see. I hope that answers your question. Okay, Jayden, and then one in front later on.

Thank you. Just a couple of questions on the equity derivatives piece. First of all, I think there was 6% growth in the volume, but the clearing fee declined, so the revenue was comparable. Do you want to sort of talk if there was anything that was one-off and if we should expect that to recover, maybe some more colour on that? And then my second question is sort of in the same business line. I think you mentioned during the presentation, Bunchai, that there'll be a new suite of products with MSCI. I remember years ago there was a partnership and then there was some changes, so it would be really good to understand how that partnership might take place and what we should expect.

Thanks. Yeah, so part of it is just dollars versus reported currency in sync, and part of it is just the customer mix. So in the environment with equity derivatives, we had a larger mix of customers who were on, you know, volumetrics and that accounted for it. And typically when you look through cycle, this doesn't sustain like that because markets tend to settle, go through air pockets. So apart from the FX, we're pretty relaxed about the mix.

Janet, your second question. First, we're very focused on global partnerships with the index provider. So it's not just MSCI, it's FTSE Russell and S&P Global Pets. But to answer the question, as I also mentioned, increasingly with the environment of phase wave, clients no longer just manage risk in siloed or concentrated regional portfolio. Requirements has broadened. And to Nick's earlier question, we also need to think about from a product ideation through execution and launching that clearly has to shorten and part of the MSCI suite of investors or contracts that were launched by the end of this calendar year is to stretch in cases beyond Asia so be across market across countries and then within Asia will be across thematics across sectors because increasingly that's what investors expect we want to clearly be the leader for all access into Asian economies and markets, but I think we're going to build adjacency from our strength. Thank you so much.

Hi, thank you. I'm Felicia from Singapore. Congrats on the results. I have a few questions. So the first one is, do you guys have any updates on the third tranche of EQTP fund managers? Because the third tranche will be coming up. Do you want me to take them one by one or do you want me to ask all at once?

I think one by one so that we don't lose track.

Okay, thank you. I think MES has indicated, I believe, Q3, so we are eagerly awaiting the announcement.

Okay. And the second question is, do you all have any updates on the pipeline for the Global Listing Board?

So Global Listing Board, of course, is live now, fully operationally ready. A number of companies have started preparations towards the listing on the GLB. We would hope that that translates into actual listings in the next, well, let's say in the remainder of this year. But of course, timing around these things is always tricky. There's a lot of factors that play into that, market circumstances and other factors. So that's what I would say. We are generally very encouraged by the type of discussions that we're having with candidate issuers for the GLP.

Sorry, just to follow up, do you have a sense of the sector? Are you able to share?

Yeah, naturally, because this is, of course, a link together with NASDAQ. The goal is for this board to attract more higher growth companies, and that is also reflected in the types of discussions that we are having with companies that are interested in this.

We are in the phase of rebuilding our market, growing market confidence and so data points do tend to be amplified

Good and bad data points. I think that's the first point I want to make. Second, I think the feedback from the market participants, including issuers, clearly indicates that the day one performance is not the only thing that they look at. It's about the post-market structural liquidity, the level of investor participation, research coverage. This is where the GEMS research program, value unlock, and so on, programs are designed to deliver. The third thing is, I think some things do get conflated when these things happen. So the Quality of the companies that come online or list versus the price discovery process, which is the IPO. So I think when we look at the 21 companies that have listed, I think by and large we can say that these are companies that we welcome to SGX. So then it comes down to the price discovery process, which is the IPO, and then you have it on day one. There's always been feedback on things, whether we can fit and improve things. I think there are things around information that can be made available, whether it's sooner. So I know Redco or Bunjin is going to make changes to allow preliminary prospectus to be made available to retail much earlier. Can we think about providing research earlier on in the process or immediately post-IPO? So these are the things we think about. These are tweaks. If we can make more information available and can engage a wider public, a wider investing group of participants, then I think that's helpful to the price discovery process.

Maybe one last one and I think next year there's one. We will take some online.

Do you have more colour on the sale of scientific data? Because there was a very short release on July 8th announcing the sale, but do you all have any colour on it? Was there a particular moment of realisation that led to the sale?

When we invested first in scientific data or for any investment, it's really to grow our adjacency or deepen our mode. Scientific Beta is a very research focus index provider and over the months that we have we realized that the very research focus high quality factor indices reaches only a certain segment of customers whereas SGX is a broader set of customers and given our very focus on growing our platforms across different asset classes and a focus on capital allocation, we decided that Scientific Beta with the new owner, which is also essentially an index company, would allow Scientific Beta to continue in their journey on research-based sector research and growth.

Just to follow up on your question, do you think that this post-IPOs mixed-stack performance, will that affect investor sentiments or the companies listing sentiments? And then also, could you share a bit more about the pipeline for companies or IPOs for the second half of the year?

Maybe share the sectors?

Maybe I'll take the second question and it's somewhat linked to your first question. Certainly from an issuer perspective, we see that companies are still very much engaged when it comes to their listing plan. So we haven't really seen an impact. In fact, the pipeline keeps growing. We've got about 50 companies now that are various stages of engagement and preparation. So that has grown from where we were at this point last year. That's very encouraging.

Five-zero.

Five-zero, yes. Yeah, not 15, no. Five-zero. The other encouraging thing around this is the greater diversity that we are seeing. So Boonshine mentioned a couple of the sectors there. to give you a bit more context. We now, within the pipeline, by number of companies, we see about a third of them in the consumer and healthcare sectors. About another third are in tech, advanced manufacturing and digital infrastructure. So that's certainly a part of the market that is growing for us. And then a quarter is in real estate, of course, a market in which we've built a very strong track record and still continue to see deals happen there. And then the rest is fairly balanced across our sectors.

So I'll come back to the point that if you will take into account the range of data points that you get. So it's not just about day one performance. I think it's about the entire ecosystem support and liquidity that they can get. So I do think that in other respects, we do rank quite well in the other things that we are able to provide. So it's not just one data point, but more comprehensive set of data points that people tend to look at.

Maybe take one or two questions from online.

Yes, from Mizuho Wheeler, first two questions. First question, thank you and it's encouraging to see the one-off additional dividend. Any views on the dividend per share going forward?

Any views on the dividend per share? As we have guided for up to FY28, We are confident of delivering the quarter sense a share increase a quarter to FY28. We are focused not only just on capital recycling which is why we have one of additional dividend in FY26. We'll also focus on growing and investing and we'll take that into consideration as we grow our business, noting that obviously the group overall is very cash flow generated.

Second question for Wheeler. Are there any new products or pipeline products in derivatives?

I think Bunchai has previewed quite a number of them, clearly one big expansion areas into interest rates. I think we all know and believe that not only risk-free interest rates, but sovereign and risky interest rates are going to be very important heading forward. So we've launched five Asian government bond contracts. These are fairly unique. We hope to grow them. We're also getting quite significantly stuck into the Japanese interest rate market. We launched 20-year JGBs. We had a while ago launch short-term Japanese interest rates because Japan is back in a very large and idiosyncratic way. Even more than that, we're heading into a category of physical Collateral and physically linked derivatives. So it's not just a futures contract in gold. We are helping MAS and the gold, the bullion ecosystem in Singapore, try to create a complete local Singapore ecosystem, which includes physical gold clearing, vaulting, as well as Gold warrants and futures and derivatives. It's a big list I think what we're trying to lean into isn't just saying here's something interesting that we should list It's actually thinking ahead to what are the monetary conditions or capital conditions for? The customer base that we serve and it is very clear to us that even for Very globalized things. There are going to be locational prices where once upon a time only one price was needed. So we feel that we have a very strong right to play when someone says for certain locational things maybe the Singapore price is valuable to us and that could be the Singapore price in any number of things and we're starting with gold. And the final one was something we launched earlier, which is the Perpetual Futures Contract. We put a lot of thought into that format. That's a brand new format in Lysitrus'. and I think we've seen in the recent news that even in the US the regulators there are getting up to speed to how they regularize this. We already have them listed and we absolutely hope to expand that format with other things that benefit from being perpetual in nature.

From Akash of UBS, one of the structural challenges that's widely known is that dual listings, there's hardly any liquidity on that. So any transmission mechanism that gets us from a NASDAQ-anchored listing to the liquidity in Singapore? Could you elaborate on that?

Thank you for the question. I think the usual format for a dual listing is dual jurisdiction, dual documentation by and large. If you look at the Global Listing Board Partnership that we have with Nasdaq, is two markets, two pools of capital that effectively are fungible across the world for this one document. Yes, the question we asked, how's the pipeline when we get listed? I think that is a significant structural change versus all other dual or separate listings that exist in global markets today. We are substantially reducing the friction for companies who want to access global capital and in particular for us in the GLB with our partners in Nasdaq is high growth companies with a nexus to Asia.

Maybe to add one important point to that and that is the requirement for companies that come to the GLB to also raise capital in the Singapore market so that from day one there is natural demand and a natural supply of shares available. That is not always the case in other dual listings that we've seen where there's just a technical listing without the fundraise and that's a very important difference.

Any other questions from this? I think there are two or three over there, maybe they were from the backlist.

Thank you. Thomas from Goldman Sachs.

Just a quick question on capital allocation. You've decided kind of in a way you return what you got from scientific beta cells. So with a lot of investment you need to do internally, is it fair to say that you're more looking at organic growth, investing your capability rather than inorganic opportunities when you think about the next two or three years?

With regards to how we think about growth, organic, yes, comes first and there is no shortage of requests to Nick's earlier question about how we look. organic investments and we look at the ROI and we, you know, Poonchai and I kind of really look at it with a lot of vigor to answer your earlier question, Nick. But we are still actively open to evaluating opportunities from an inorganic perspective. We need to continue to focus on the discipline that we have. We want to stay patient. Anything we look at, has got to have a strategic fit and add shareholder value so we are actively open yep

Hello. Hi. Thank you for taking my question, Management. Just on cash equities, of course, a great year this year. How much of this was market-driven and how much of this do you think is sustainably going to grow into FY27? And a quick follow-up there also, we benefited this year from EQDP, a good pipeline of IPOs. What do you think were the biggest factors which led to some of the growth this year within these and what would be going into next year some of the biggest growth drivers from among EQDP, IPO pipeline and other factors?

I would say there's no one single factor. I think what is important is the various factors through the overall ecosystem coming together. I think there's one important factor notable starting point when this review group was formed and then secondly it is very focused amongst the ecosystem with SGX in that too that this has to be sustainable it should not be a one-off and then that leads to the various things that are happening whether that is the EQDP managers the program around that value unlock movement the gems which is research enabling and making access to the market easier education the mix of participants so it's important for us to keep the flyer going so no particular ones they all come together in the ecosystem with the mind that we need a vibrant active stock exchange

Thank you. I just wanted to ask a follow-up question about the dividend. I think it's great that you've made this move. But just to understand, would you only consider this kind of, I guess, outcome if you were to recycle capital? Or is there a point where you say, hey, we didn't do any M&A like we were budgeting for, and now we actually have some extra capital to return to shareholders? How do you sort of think about whether it's possible to do more?

Well, you can also look at it that way. Well, one year into a three-year guidance, we could also increase or propose to try and deliver a higher quarterly shift, one year into a three-year plan. And given it's a very strong year, we cut the recycling, we thought, let's have a reward for our shareholders more upfront. Makes sense. Thank you. And then we go online.

Can I just build on that question and the answer Daniel gave? I mean, I guess the issue you've got is that you're, you know, if everything goes to plan, you're going to be generating a lot more cash going forward than you have done historically. And so, you know, yes, I accept that things are changing. There's lots of opportunities you absolutely should invest to take advantage of those opportunities. But in your mind, is this like a two-year or three-year sort of hump? We invest and then we get the returns coming out and we give those back by a higher dividends or is this you're just going to be investing forever? I mean, how are you thinking about how you get the benefits of this investment coming back to shareholders and how should we be thinking about it in sort of timing terms?

I'll say the following. Yes, it's going to be organic investments. We're also focused on building adjacency or deeper mode in our asset classes. And that could entail not just organic, but inorganic. But also we want to be patient. I think it's important that we look at any M&A that could really be strategic, as Daniel said, value accretive and build our mode further. but there's probably a limit to the patience by shareholders so if after a period we still think that we have more than sufficient and a very cash a very strong balance sheet we clearly would then want to return the capital to shareholder so we're keeping a very close eye on what are the opportunities and if this does not prevail over a period of time then we probably don't need that much cash on our balance sheet.

But just to add on specifically with regard to the question on technology spend and the platform modernization that we see capability building in terms of engineering and product, that's going to take about two years to be clear.

So a follow-up question from Akash UBS. Will the GLB listed companies be eligible for the SDI, Food CST and MSCI Singapore?

Yeah, if they meet the criteria.

Maybe we can take one from a retail investor. Are we looking to expand our Singapore depository receipts, for example, to Australia or other borders?

Yeah, so we have... recently launched three that is our fourth market doing quite well in terms of retail investor receptivity I think we're looking to build increased accessibility so certainly we are looking at more markets around the region and possibly a bit further ahead and some more thematic needs so the idea is to build a cluster of instruments in which our market participants, including retail investors can invest. I also want to point out that this will not just be in SDR format, but ETFs and so on. We would have seen that MAS is now consulting on allowing a broader range of instruments or ETFs that can be listed on the exchange. I'm hopeful that that will go through and that will allow issuers to respond to market demand and be able to be more agile to meet customers.

Maybe one last question from those of you present here. Okay, if not, thank you for joining this. I know for those of you in Asia, it's a bit late in the evening, but thank you.

I had one last question. You mentioned about the Value Unlocked program. Do you have any updates to that? Because we are eagerly waiting for an update.

I think the Value Unlocked program is a long-term program. So we had a good initial response in terms of finding out what that was. And so we've got more than 50 that has gone through the The IR training and then a handful of companies clearly have signed up for the Elevate, which is more of the corporate restructuring and IR narrative. But this is only been six months. I think the more important thing as well many things is about the mindset shift. And that clearly doesn't happen overnight. So if I could sum it up, the results of what we see is encouraging, but I would like the movement to be a lot broader. and that would take a bit more time.

Yeah, maybe I can supplement.

I think as you have seen the value unlock movement is something that's really sweeping across Asia and all regulators including ourselves, we are very encouraged. We are also encouraging this movement because we think that it is good for the market, it's good for shareholders. And in particular, what we're trying to do is that we're trying to encourage greater transparency.

We think this will drive market discipline and this will in turn drive this value.

Thank you.

Thank you.