One prospectus, two markets: SGX-Nasdaq dual-listing highway to debut in 2026

[SINGAPORE] From next year, companies will be able to list on both the Singapore Exchange (SGX) and Nasdaq using a single set of listing documents, under a new “dual-listing bridge” proposed by the Monetary Authority of Singapore (MAS) Equities Market Review Group.

This is “a bridge that will enable issuers and investors alike to access liquidity simultaneously across both markets”, said National Development Minister and MAS review group chair Chee Hong Tat.

The key difference from existing dual-listing arrangements is that companies will only need to submit one prospectus to both bourses, he noted.

The minister, who is also deputy chairman of MAS, was speaking at a press conference on Wednesday (Nov 19) to mark the unveiling of the group’s final report after more than a year’s work.

Open only to companies with a market capitalisation of S$2 billion and above, the dual-listing bridge is expected to be launched in mid-2026, subject to regulatory approvals.

To operationalise the bridge, a new Global Listings board will be launched to complement the SGX mainboard and Catalist.

Companies listing on this board can choose to denominate their shares in US dollars or Singapore dollars. Trading will take place on both SGX and Nasdaq, with the latter’s hours running from 10.30 pm to 5 am Singapore time.

MAS will work with SGX on a regulatory framework with disclosure standards comparable to those in the United States. This will enable issuers to rely on a single set of offering documents, “cutting regulatory friction and costs”, the regulator said.

Separately, Chee announced a new Value Unlock programme by MAS and SGX to help listed companies strengthen investor engagement and sharpen their focus on shareholder value creation.

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The programme has three pillars:

• S$30 million in funding for two grants to build capabilities in corporate strategy, capital optimisation and investor relations;
• Support for firms to communicate their strategic plans more proactively; and
• Partnerships with ecosystem players to encourage peer learning and collaboration.

Chee also said that the next tranche of funding – S$2.85 billion under the S$5 billion Equity Market Development Programme – has been allocated to six asset managers.

They are Amova Asset Management AR Capital, BlackRock, Eastspring Investments (Singapore), Lion Global Investors and Manulife Investment Management (Singapore).

This brings total allocations to S$3.95 billion, including July’s S$1.1 billion tranche. The next round is slated for Q2 2026.

A series of market infrastructure enhancements was also announced.

New incentives and grants will be introduced to strengthen market makers’ capabilities, particularly for newly listed companies and small- and mid-cap counters outside the benchmark Straits Times Index. More details will be released in Q1 2026.

SGX will also facilitate investor adoption of broker custody accounts, allowing retail investors to hold SGX-listed securities directly through their brokers rather than in central depository accounts.

This shift enables brokers to offer a wider suite of services, including fractional trading, managed portfolios and robo-advisory offerings – similar to the experience investors already have overseas.

To lower minimum investment amounts and widen retail participation, SGX will also reduce the board lot size for securities priced above S$10 from 100 units to 10 units.

From measures to results

The review group, comprising market professionals and various industry players, was formed in August 2024 to take a comprehensive look at Singapore’s equity market. It has since introduced a slew of wide-ranging recommendations.

These include February and July’s measures such as the S$5 billion liquidity injection for the local market and tweaks to the Global Investor Programme, which grants permanent residency to eligible foreign investors.

MAS said “encouraging early signs” point to rising market activity. Average daily turnover in Q3 climbed 16 per cent year on year to S$1.53 billion – the highest since Q1 2021.

Turnover in small and mid-cap stocks grew 88 per cent quarter on quarter, with net institutional inflows rising for nine straight months since the unveiling of the group’s first measures. Initial public offerings have also picked up; more than S$2 billion has so far been raised this year.

With the review group concluding its work, implementation now becomes the focus.

To that end, an Equity Market Implementation Committee – co-chaired by MAS managing director Chia Der Jiun and SGX chief executive officer Loh Boon Chye – will be set up,. Details will be announced in Q1 2026.

Said Chee: “If there are additional ideas that we want to explore – if there are new initiatives that we want to do – this is an ongoing process, and the implementation committee will take a look at some of these initiatives and ideas.”