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Singapore Exchange shares post steepest drop since 2008 on end of MSCI licence

·1 min read

SINGAPORE, May 27 (Reuters) - Shares in bourse operator Singapore Exchange Ltd suffered their steepest daily fall in more than a decade after the company said its profit would be hit when a licence to offer a suite of regional equity derivatives ends in February 2021.

Hong Kong Exchanges and Clearing Ltd will instead host trade in the contracts, which are tied to MSCI Inc's indexes and licensed from MSCI.

Singapore Exchange estimates a potential 10-15% hit to next year's profit as a result. Shares fell 10% on Wednesday to a two-month low when a trading halt was lifted. If sustained, it would be the steepest daily percentage fall since 2008, though the price is roughly steady year to date. (Reporting by Tom Westbrook; Editing by Himani Sarkar)