Singapore Exchange (SGX) Locals who are actively trading
non-SGX contracts have expressed frustration at new tax rules
that will curtail their offshore activities. The exchange has
deemed that Locals must have at least 70% of their trading
volume during regular hours - 7.30am to 7.30pm Singapore time -
in SGX derivatives contracts in order to keep their 10%
preferential tax rates.
However, SGX President Ang Swee Tian told FO Week
that the ratios will be assessed on a quarterly rather than
monthly basis and will be applied with some flexibility to ease
Locals' concerns over strict application. He added that the
exchange has also ruled that Locals can now have direct
electronic access to offshore markets from the floor, a
concession that some other major open outcry exchanges do not
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