Petition to remove Magnus Bocker as the CEO of SGX due to his mismanagement.
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!