CTO Tim Utama to leave SGX

SINGAPORE — Bourse operator Singapore Exchange (SGX) said yesterday its chief operations and technology officer, Timothy Utama, will be leaving the company, as it revamped its organisational structure to improve operational efficiency and serve customers better.

“In conjunction with the realignment, Mr Tim Utama has decided to leave SGX. However, he has agreed to stay on to oversee the transition, and to see through the implementation of the various SGX Board Committee of Inquiry recommendations,” the firm said yesterday. SGX did not say why Mr Utama, who was appointed to the role in Dec 2012, was leaving.

Following two market outages late last year, one of which brought trading to a halt for hours, and which then finance minister Tharman Shanmugaratnam said in April affected Singapore’s reputation as a financial centre, the SGX has had to cough up about S$20 million to address gaps in its service-recovery capabilities. The Monetary Authority of Singapore said that while SGX has met its primary obligation to maintain fair, orderly and transparent markets, it had fallen below service-recovery standards in both cases.

The SGX said yesterday that its sales and product teams will be combined to form three vertical businesses — Equities & Fixed Income, Derivatives, and Market Data & Connectivity (MDC) — providing a holistic and customer-centric delivery of its products and services as a multi-asset exchange.

The changes to the Operations and Technology units will enhance resilience and responsiveness, said SGX. The improved alignment between development and support units will also enable the successful and timely delivery of ongoing technology projects. It will also deepen its international presence in key growth markets. The new structure will consolidate SGX’s international offices in China, Hong Kong, India, Japan and the United Kingdom under a single unit: Membership & International Coverage (MIC). Dedicated country strategies will be developed to drive greater adoption of SGX’s products and services internationally, it said.

Aligned with the new organisational structure, SGX president Muthukrishnan Ramaswami will take on increased responsibilities overseeing the Operations and Technology units, MDC and MIC, effective Jan 1, among other management changes.

SGX CEO Loh Boon Chye said: “The changes we are taking will create a simpler and flatter structure, making us more efficient and better equipped to take on challenges and opportunities.

“As we continue to focus on building innovative and sustainable markets, investors and companies can expect from SGX a more solution-driven and customer-centric approach to their investing, risk management and fund-raising needs.”