Singapore Exchange Limited (SGX) announced today that it has appointed Benjamin Foo, senior vice president (SVP), as head of Operations. He is currently SGX’s head of AsiaClear and Clearing and Commodities Business.
The appointment takes effect from 1 March 2009. In his new role, Foo will be responsible for the trading, clearing and settlement operations of the securities and derivatives markets, as well as the securities depository function.
Foo, who has extensive industry, customer-facing and product development experience, led the pioneering effort behind the introduction of the SGX AsiaClear oil and freight clearing business in May 2006. Today, AsiaClear is the only over-the-counter (OTC) clearing platform in Asia, offering 22 oil swaps and freight contracts for a network of some 260 trading counterparties globally.
Foo previously headed other functions at SGX, including Intermediaries and Affiliates, where he was responsible for product marketing and the business relationship with securities and derivatives members and their overseas affiliates. Before this, he was responsible for strategy, product development and marketing for the SGX derivatives market.
Prior to joining SGX in March 2001, Foo was executive director of Phillip GNI Futures Pte Ltd, a Clearing Member of Singapore Exchange Derivatives Trading Ltd, and also Phillip Trading Pte Ltd, a Clearing Member of the Singapore Commodity Exchange (SICOM), from 1994 to 2001. He began his career in the financial industry with the Singapore International Monetary Exchange (SIMEX) in 1988, culminating in his appointment as vice president for Business Development before he left in 1994. He holds a Master in Business Administration in finance and marketing from Loyola University, Chicago.
Foo will continue to support the growth of SGX’s OTC initiatives while he transitions to his new role. Elena Sng, SVP, will take over as acting Head of AsiaClear and Clearing and Commodities Business from 1 March 2009.