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Singapore Exchange Quarterly Profit Slides on Volume Plunge

Singapore Exchange Ltd., operator of Asia’s eighth-largest equity market by value, said second-quarter net income fell 12 percent from a year earlier as daily trading volumes plunged 37 percent. Revenue from derivatives products climbed 11 percent amid market volatility.

Profit in the three months ended December fell to S$65.4 million ($50.6 million) from S$74.2 million a year earlier, the bourse operator said in a filing to the exchange. That exceeded the average estimate of S$61.4 million by five analysts compiled by Bloomberg. Revenue from trading of securities dropped 34 percent from a year before.

“We’re pleased with the results given that we’ve had a very difficult quarter,” Chief Executive Officer Magnus Bocker said at a briefing. “We’ve seen some bright spots especially in the derivatives business. Over time, this will be a big growth driver.”

Stocks plunged globally in 2011 as Europe struggled to resolve its debt crisis and China took steps to cool its property market. Singapore’s benchmark Straits Times Index slumped 17 percent, the most since 2008. A daily average of S$1.1 billion of shares traded on the exchange in the second quarter, compared with S$1.8 billion in the same period a year earlier, according to data compiled by Bloomberg News.

Bocker, appointed in December 2009, has been trying to boost equities trading with the introduction of the world’s fastest order processor in August and by scrapping the lunch trading break in the city-state. His most ambitious plan, the A$8.3 billion ($8.5 billion) takeover bid for ASX Ltd., was blocked by the Australian government in April.

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