Singapore Exchange Ltd’s (SGX) head of capital markets Matthew Song is departing from the bourse, about a year after he took on the role following a revamp, according to people familiar with the matter. 

Song resigned this week and is expected to leave the firm later this year, the people said, asking not to be identified discussing a private matter. Koh Jin Hoe has been leading that business, together with Song.

An SGX spokesperson declined to comment.

Song joined the bourse in 2018, according to his LinkedIn profile, and has worked on bond listings in addition to leading teams that cover corporate and buy-side clients. He became co-head of capital markets last year, when SGX merged equity capital markets with its debt capital markets and corporate client coverage divisions. He previously worked at global banks, including HSBC Holdings Plc, where he was head of Southeast Asia equity capital markets, as well as Deutsche Bank AG. 

Song’s departure comes at a time when Singapore is trying to revive its stock market, which has been in a malaise for many years. The city-state set up a task force this month to look into ways to tackle poor liquidity and a dearth of new listings, and is set to submit a report within 12 months.

The SGX had only one new initial public offering so far this year, lagging behind other Southeast Asian exchanges, according to data compiled by Bloomberg. Revenue from cash equities dropped by 2.1% in its latest financial year and accounts for less than 30% of total revenue, according to its earnings report, which also showed declines in traded value of securities. 

Fixed income, currencies and commodities were key revenue drivers for the exchange. SGX shares have risen almost 10% this year, outpacing gains in the country’s benchmark stock index. 

Chief executive officer Loh Boon Chye said the bourse is pushing ahead with efforts that included increasing market participation and cross-border connectivity in the equities business. He said the firm will work closely with the task force. 

  - Bloomberg