Nature of organised markets

How does MAS determine whether a market operator is an Approved Exchange (AE) or an Recognised Market Operator (RMO)?


  • According to MAS (Guidelines)

    In determining whether a market operator should be regulated as an approved exchange or a RMO, MAS will consider whether the market is systemically-important and other relevant circumstances, such as public interest. The factors which MAS considers are as follows:

    (a) the size and structure, or proposed size and structure, of the market operated by the corporation

    (b) the nature of the services provided, or to be provided, by the market to be operated by the corporation

    (c) the nature of the securities or futures contracts traded, or to be traded, on the market to be operated by the corporation

    (d) the nature of the investors or participants, or proposed investors or participants, who may use or have an interest in the market to be operated by the corporation

    (e) whether the corporation is regulated by MAS under the SFA or any other written law 

    (f) the parties who may be affected in the event that the market to be operated by the corporation or the corporation itself runs into difficulties

    (g) in the case of a corporation operating an overseas market, whether the corporation, in the country or territory in which the head office or principal place of business of the corporation is situated, is subject to requirements and supervision comparable, in relation to the degree to which the objectives referred to in section 5 of the SFA are achieved, to the requirements and supervision to which market operators are subject under the SFA 

    (h) the interests of the public

    (i) any other circumstances that MAS may deem relevant