In-Depth Details of the SGX-Nasdaq Collaboration
Singapore Exchange Regulation (SGX RegCo) has announced a public consultation on the proposed listing rules for its newly planned Global Listing Board, a major initiative designed to facilitate dual listings of companies on SGX and Nasdaq. This move follows a landmark partnership announced in November 2025 between SGX Group and Nasdaq, Inc., as part of the Equities Market Review Group’s recommendations to strengthen Singapore’s equities market and improve international connectivity.
The Global Listing Board will create a direct and harmonised pathway for companies to list shares and raise capital simultaneously on two of the world’s most prominent exchanges. By allowing companies to use a single set of offering documents and undergoing a simplified review process, SGX and Nasdaq are aiming to reduce regulatory friction and increase efficiency for cross-border listings.
Admission Requirements for Issuers
- Issuers must have a minimum market capitalisation of S\$2 billion and be listed (or accepted for listing) on the Nasdaq Global Select Market.
- Companies must establish an effective local interface, either through the appointment of a Singapore resident independent director or a Singapore-based compliance adviser.
- At least 5% or S\$50 million of the offering (whichever is less) must be allocated to designated retail brokerages, ensuring retail investor access.
- An issue manager is required to oversee the listing application process on the Global Listing Board.
- SGX RegCo retains discretion over admission and continued listing of securities, which gives the regulator the power to uphold market standards and integrity.
Ongoing Requirements for Listed Issuers
- Issuers must ensure that all disclosures made in the U.S. are also released in a timely manner on SGXNet, safeguarding information parity for Singapore investors.
- Maintaining a listing on the Nasdaq Global Select Market is mandatory. If an issuer loses its Nasdaq listing, it will be delisted from the Global Listing Board as well.
Regulatory and Legislative Changes
To enable the Global Listing Board, changes to Singapore’s Securities and Futures Act (SFA) and related regulations are required. The Monetary Authority of Singapore (MAS) has issued its own consultation paper seeking feedback on these legislative amendments and regulatory reforms.
Strategic and Market Implications
This initiative is potentially price-sensitive and could move share values for both SGX and Nasdaq-listed companies, as well as the exchanges themselves. It represents a significant step toward deeper market integration between North America and Asia, offering greater capital raising opportunities, increased liquidity, and broader investor reach. For shareholders, the move could enhance the appeal and valuation of eligible issuers, while also boosting the competitiveness and attractiveness of SGX as an international listing venue.
The direct access to both retail and institutional investors in two major financial hubs may drive trading volumes, valuations, and investor interest, especially for large-cap companies seeking global visibility. The regulatory harmonisation and streamlined processes could also reduce costs and delays, further improving the investment environment.
Consultation on the proposed rulebook closes on 8 February 2026. Investors should monitor developments closely, as the finalisation and implementation of these rules may impact market dynamics and the performance of SGX and Nasdaq-listed stocks.
About SGX RegCo
SGX RegCo is the independent regulatory subsidiary of Singapore Exchange, responsible for market supervision, issuer admission, trading surveillance, policy development, and ESG-related regulatory efforts. Its commitment to maintaining market integrity has earned it multiple industry accolades.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should perform their own due diligence and consult professional advisors before making any investment decisions related to the Singapore Exchange, Nasdaq, or companies listed therein. Market conditions and regulatory developments can change, impacting outcomes and valuations.
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