We demand that Mr Magnus Bocker, CEO of SGX, step down from his post immediately.
Since taking over the helm from Mr Hsieh Fu Hua, Bocker has not been focused on building the capital markets. Instead, he has been putting in a lot of effort to build the derivative and commodities market to enhance the profits. This is almost similar to when SMRT decided to focus on developing their retail income to enhance profits and forgetting their role to provide a safe and reliable public transport system.
The breakdown of the SGX trading system yesterday for almost three hours is almost similar to the massive train disruption we experienced just a while ago. Given that hundreds of millions have been spent on the system since Bocker became CEO, such a breakdown should not happen.
Singapore investors are suffering from lower liquidity and Singapore Listcos are suffering from difficulty to raise funds from the market. Wealth is being eroded since Bocker took the helm and yet Bocker continues to deny this fact and blame the market from what was said in the Edge magazine. Last time about 5 to 10 years ago, we could make a decent living from the market. But recently our commissions barely hit one or two thousand each month. And that is not because we have not been working hard.
I do not understand how Bocker can blame it on the market! US market has been hitting new highs; SGX is not! Even Thailand, Malaysia and Indonesia are enjoying a boom in trading.
The Business Times has already reported that stock brokers are suffering and thousands have left the market. It is time for Magnus Bocker to take responsibility and step down. Sign this petition and support this call.
Take responsibility and step down Mr Magnus Bocker!
Updates
November 11, 2014
The persistent system failures at the SGX remain a point of deep concern for many investors who depend on market stability. I am currently organizing the correspondence we have received to ensure our message reaches the relevant oversight authorities.
November 10, 2014
The momentum behind this petition clearly reflects the widespread dissatisfaction with current leadership at the exchange. It is evident that many investors feel their concerns have been ignored for far too long.
Reached 100 supporters
November 7, 2014
358 Comments
it is time to exercise accountability. Maybe he should reflect why is most people thinking this way? It is not over 1 event, but over a series of poor decision making without evalution of the ground situation.
What's the point of talking of 4 layer system backup. It's like saying I have 4 torch lights in case of blackout. And because of non maintenance eg never maintain batteries etc, all 4 of my torch lights did not work at the same time. Sama Sama.
Bocker, you have created a such a mess, eg extended settlements, ADRs, merging with ASX, all sitting as white elephants now. The mood in the market had been dampened by your decisions/actions that even warrants vol declining. Time to go back where your "white elephants" can be tolerated.
To have no lunch break to accommodate the running of market makers machines is the first of the many mistakes made. It's a very high handed approach with no regards to remisiers health.this violation of human diginity and respect alone is a grave offence that calls for his resignation.
He has not added value to the exchange since becoming CEO. All his initiatives are merely cosmetic in nature and the real initiatives we need, ie getting more quality listings, big or small, has not been addresed
The things he do are really irrelevant. Doing things to gain political points but totally irrelevant to the markets; like bring Lonza, Cutting to 100 lots, Cutting lunch hours etc. He don't understand the markets.
What contributions has he made to warrant his high pay? Hope he could enlighten me.
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We demand that Mr Magnus Bocker, CEO of SGX, step down from his post immediately.
Since taking over the helm from Mr Hsieh Fu Hua, Bocker has not been focused on building the capital markets. Instead, he has been putting in a lot of effort to build the derivative and commodities market to enhance the profits. This is almost similar to when SMRT decided to focus on developing their retail income to enhance profits and forgetting their role to provide a safe and reliable public transport system.
The breakdown of the SGX trading system yesterday for almost three hours is almost similar to the massive train disruption we experienced just a while ago. Given that hundreds of millions have been spent on the system since Bocker became CEO, such a breakdown should not happen.
Singapore investors are suffering from lower liquidity and Singapore Listcos are suffering from difficulty to raise funds from the market. Wealth is being eroded since Bocker took the helm and yet Bocker continues to deny this fact and blame the market from what was said in the Edge magazine. Last time about 5 to 10 years ago, we could make a decent living from the market. But recently our commissions barely hit one or two thousand each month. And that is not because we have not been working hard.
I do not understand how Bocker can blame it on the market! US market has been hitting new highs; SGX is not! Even Thailand, Malaysia and Indonesia are enjoying a boom in trading.
The Business Times has already reported that stock brokers are suffering and thousands have left the market. It is time for Magnus Bocker to take responsibility and step down. Sign this petition and support this call.
Take responsibility and step down Mr Magnus Bocker!
Updates
November 11, 2014
The persistent system failures at the SGX remain a point of deep concern for many investors who depend on market stability. I am currently organizing the correspondence we have received to ensure our message reaches the relevant oversight authorities.
November 10, 2014
The momentum behind this petition clearly reflects the widespread dissatisfaction with current leadership at the exchange. It is evident that many investors feel their concerns have been ignored for far too long.
Reached 100 supporters
November 7, 2014
358 Comments
Reduce exchange fees drastically as it is killing the market liquidity. These fees are useless to SGX as they don't improve the quality of market, only fattening the pockets of the management. Just look at the dwelling liquidity and number of IPOs. Not to mention the inefficient IT system
it is time to exercise accountability. Maybe he should reflect why is most people thinking this way? It is not over 1 event, but over a series of poor decision making without evalution of the ground situation.
What's the point of talking of 4 layer system backup. It's like saying I have 4 torch lights in case of blackout. And because of non maintenance eg never maintain batteries etc, all 4 of my torch lights did not work at the same time. Sama Sama.
Bocker, you have created a such a mess, eg extended settlements, ADRs, merging with ASX, all sitting as white elephants now. The mood in the market had been dampened by your decisions/actions that even warrants vol declining. Time to go back where your "white elephants" can be tolerated.
To have no lunch break to accommodate the running of market makers machines is the first of the many mistakes made. It's a very high handed approach with no regards to remisiers health.this violation of human diginity and respect alone is a grave offence that calls for his resignation.
He has not added value to the exchange since becoming CEO. All his initiatives are merely cosmetic in nature and the real initiatives we need, ie getting more quality listings, big or small, has not been addresed
The things he do are really irrelevant. Doing things to gain political points but totally irrelevant to the markets; like bring Lonza, Cutting to 100 lots, Cutting lunch hours etc. He don't understand the markets.
What contributions has he made to warrant his high pay? Hope he could enlighten me.
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Reduce exchange fees drastically as it is killing the market liquidity. These fees are useless to SGX as they don't improve the quality of market, only fattening the pockets of the management. Just look at the dwelling liquidity and number of IPOs. Not to mention the inefficient IT system