Singapore's move to offer trading in US stocks struggles to find takers
Singapore Exchange's SDR program for US stocks (Grab, Sea, SpaceX) sees low trading volumes ($2.3M for SpaceX, $24M for Grab/Sea) since July, struggling to compete with US markets. SGX aims to offer Asian-hour access, but low liquidity and investor unfamiliarity pose challenges. Nasdaq and NYSE plan 24-hour trading. Grab, Sea, and SpaceX declined to comment.
How this was made
The 30-second read
Why it matters
The low uptake may deter further SDR listings and affect SGX's strategy to become a hub for round‑the‑clock US equity trading.
Market read
The article provides the first public data on SDR trading volumes, indicating limited market interest and potential implications for SGX's growth plans.
What to watch
Regulatory approvals, tax treatment of SDRs, and competition from 24‑hour trading platforms may change the outlook.
Background
SGX introduced Singapore Depository Receipts (SDRs) for US stocks in July 2026; early trading volumes are minimal.
Ticker impact
SGX launched Grab SDRs with $24M traded, indicating low investor interest in Singapore-listed US‑stock receipts.
Minimal short‑term price effect for Grab ADR; no immediate catalyst.
Volume data is new and specific; however, the amount is small relative to overall trading.
SGX listed Sea Ltd SDRs with $24M traded, far below US market activity, highlighting liquidity constraints.
No significant price move expected for Sea ADR in the near term.
The fact is newly reported; scale is modest.
Market effects
Highlights challenges for Asian exchanges offering US‑stock access via SDRs, may affect fintech and brokerage services.
SGX's SDR program shows limited uptake, suggesting regional investors prefer direct US market access or other products.
Signals potential slowdown in demand for around‑the‑clock US equity products outside the US.
Counterpoint
If liquidity improves, SDRs could become a niche for retail investors seeking US exposure during Asian hours.
Key entities
- ExchangeSingapore Exchange (SGX)
Operator of the SDR program.
- CompanyGrab Holdings Ltd
Ride‑hailing and fintech firm listed via SDR.
- CompanySea Ltd
E‑commerce and digital entertainment firm listed via SDR.
