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|21 July 2009
Singapore bourse to appoint Nasdaq president as its CEO
The Singapore Exchange announced on Monday that the president of the second largest exchange in the United States, Nasdaq OMX, will succeed Hsieh Fu Hua as chief executive at the end of the year, reported the Straits Times.
Magnus Bocker, 47, a Swedish national who has been with Nasdaq for just a year, will take over at the SGX in December and begin a three-year term. Hsieh, 59, who was set to end his contract in September, has agreed to stay on until Bocker assumes office.
“There is no doubt that Asia, and in particular Singapore and the SGX, will play a crucial role and have significant influence in shaping tomorrow's global financial landscape,” Bocker said in a statement.
The appointment is one of corporate Singapore's most closely watched, given the exchange's prime role as market regulator of more than 750 listed companies here. Mr Bocker's recruitment was viewed by industry watchers as a coup for SGX because he brings with him more than two decades of leadership experience within the exchange industry.
Industry watchers noted that Nasdaq and SGX stack up quite closely in terms of profitability. The US firm's net income last year stood at $320 million, while SGX's came in at $478.3 million.
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