Elevator Pitch
Singapore-listed Singapore Exchange Limited (SPXCY) (SPXCF) [SGX:SP], or SGX, has seen its stock price (+9.3% excluding dividends) outperform the benchmark Straits Times Index (+4.7% excluding dividends) in the past six months, thanks to its derivatives business benefiting from volatility in the markets and China's weighting increase in MSCI (MSCI) indices. But not all is rosy with a potential new MSCI China A Index futures in the pipeline competing with its FTSE A50 index futures.
SGX's new dividend policy based on an absolute minimum amount starting FY2019 suggests