The Access Layer | SGX’s Depository-Receipt Expansion & the Aggregation-Venue Strategy

On 22 July, SGX admitted Singapore Depository Receipts over Grab, Sea and SpaceX — its first receipts over US-listed names, and the clearest signal yet of a deliberate posture. Having ceded the contest for primary listings, Singapore is competing on access: becoming the Singapore-dollar wrapper venue for regional and now global equity, monetising flow rather than domicile. The pull is structural and real — but the unsponsored-receipt model it rests on caps how far flow-capture can substitute for capital formation.

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