Who are Singapore Exchange's main competitors?

Named competitors: Hong Kong Exchanges (0388.HK), CME Group (CME), Intercontinental Exchange (ICE). The cockpit's measured peer set (industry) also includes BSE (BSE.NS), China Galaxy Securities (601881.SS), Meritz Financial (138040.KS), Euronext (ENX.PA), Shenwan Hongyuan (000166.SZ), GF Securities (1776.HK).

Is Singapore Exchange expensive compared with its peers?

On forward p/e it trades at 27.0× against a peer median of 11.1×, 4th most expensive of 21 in its peer set.

How has Singapore Exchange stock performed?

Over six months to 6 Nov 2026 the shares returned -2.2% against -4.4% for the median peer; over one year +19.8%.

← CockpitCompetitor Analysis › S68.SI Singapore Exchange Ltd.Open in the cockpit ↗

Singapore Exchange Ltd.S68.SICompetitor analysis, valuation and peers

Singapore · SGD·Financials›Investment Banks/Brokers

Operator of Singapore's stock, bond, and derivatives exchange, running trading, clearing, and market data services.

≈ Singapore's CME Group / Intercontinental ExchangeMomentum neutral 51

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$17.2B

US dollars, full cap

Free float

76%

of shares outstanding

$/day

$46.7M

20-day average traded

Fwd P/E

27.0×

forward earnings

ROIC−WACC

n/a

WACC 6.1%

Hurdle

n/a

no reverse DCF

Next earnings

97 days

11 Feb 2027

Close · SGDS$20.49

1D-2.5%

1W+1.4%

1M-0.7%

3M-18.7%

6M-2.2%

YTD+20.8%

1Y+19.8%

ATR %2.3%

52w lowhigh20.2% off high

What Singapore Exchange does

Operator of Singapore's stock, bond, and derivatives exchange, running trading, clearing, and market data services.

Earns small fees on each trade, mostly from derivatives such as futures on Asian stock indexes, with listing fees, clearing and market-data subscriptions adding steadier income. India's Nifty futures it once hosted moved to the GIFT City exchange in 2023, and it has added foreign-exchange trading platforms.

In one line: Singapore's CME Group / Intercontinental Exchange.

Products and services

Securities trading (SGX)
Derivatives trading & clearing
Market data & indices
Fixed income/OTC clearing

Customers

Institutional investors
Brokers
Listed companies

Where it sits in the supply chain

Financial market infrastructure
Exchange operator
Cash equities, derivatives, clearing…

What could go right

Derivatives volume growth (China A50, iron ore)
Regional listings/dual-listing flows

What could go wrong

Equity listing competition from Hong Kong/US
Trading volume cyclicality

Moat: wide (network effects, regulatory licence, scale). Sole licensed exchange operator in Singapore with deep derivatives liquidity network effects.

Headquarters: Singapore · Founded: 1999

Named competitors

Singapore Exchange at a glance

Size Singapore Exchange (S68.SI) is a Singapore Financials company (Investment Banks/Brokers) with a market value of $17.2B, the 8th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$20.49 on 6 Nov 2026.

Performance Over six months the shares fell 2.2%, against -4.4% for the median peer and -1.2% for the Singapore market (cap-weighted) — 9th highest of 21 in its peer set.

Growth Revenue grew 13.8% over the last twelve months (peer median +19.6%); the operating margin is 57.5% (peer median 38.6%).

Valuation It trades at 27.0× forward earnings against a peer median of 11.1× (4th most expensive of 21).

Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Singapore Exchange against the median of its 20 peers (local-currency closes).

Singapore Exchange financials

Reported figures in SGD; fiscal year ends 2026-06-30. TTM = trailing twelve months.
	TTM	FY2026	FY2025	FY2024	FY2023
Revenue	S$1.56B	S$1.56B	S$1.37B	S$1.23B	S$1.19B
Revenue growth	—	+14%	+11%	+3%	—
Gross profit	S$1.40B	S$1.40B	S$1.21B	S$1.07B	S$1.02B
EBITDA	S$978M	S$978M	S$870M	S$810M	S$753M
Net income	S$698M	S$698M	S$648M	S$598M	S$571M
Free cash flow	S$792M	S$792M	S$802M	S$529M	S$417M
Capital expenditure	S$81.9M	S$81.9M	S$68.1M	S$64.6M	S$53.3M
Total debt	n/a	S$676M	S$688M	S$728M	S$727M

Quarterly statements and history in the cockpit →

Singapore Exchange competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Singapore Exchange is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Singapore Exchange is the large dot.

Singapore Exchange competitors and peer comparison

Head to head with its named competitors (S68.SI vs 0388.HK vs CME vs ICE)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Singapore Exchange S68.SI	$17.2B	-2%	+14%	57%	27.0×	n/a
HKEX 0388.HK	$62.2B	-10%	+23%	75%	24.6×	n/a
CME CME	$109B	+9%	+9%	66%	23.6×	n/a
Intercontinental Exchange ICE	$96.3B	+11%	+14%	47%	20.1×	n/a

How Singapore Exchange compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Singapore Exchange against its 20 peers (data as of 6 Nov 2026)
Measure	S68.SI	Peer median	Rank in peer set
1-month return	-0.7%	+1.1%	10th lowest of 21
6-month return	-2.2%	-4.4%	9th highest of 21
Distance from 52-week high	-20.2%	-21.4%	10th highest of 21
Revenue growth (TTM)	+13.8%	+19.6%	7th lowest of 21
Operating margin	57.5%	38.6%	5th highest of 21
Forward P/E	27.0×	11.1×	4th most expensive of 21

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Singapore Exchange S68.SI	Singapore	$17.2B	-2%	+14%	57%	27.0×	n/a	n/a
BSE BSE.NS	India	$16.4B	-4%	+58%	65%	47.0×	n/a	n/a
China Galaxy Securities 601881.SS	China	$16.1B	-8%	-20%	37%	9.5×	n/a	n/a
Meritz Financial 138040.KS	South Korea	$15.7B	+18%	+31%	49%	8.6×	n/a	n/a
Euronext ENX.PA	France	$18.8B	+21%	+14%	52%	19.7×	n/a	n/a
Shenwan Hongyuan 000166.SZ	China	$15.5B	-8%	-26%	31%	10.9×	n/a	n/a
GF Securities 1776.HK	Hong Kong	$20.5B	-8%	+18%	75%	5.6×	n/a	n/a
Daiwa Securities 8601.T	Japan	$14.0B	+11%	+18%	17%	10.8×	n/a	n/a
China International Capital 3908.HK	Hong Kong	$21.3B	-15%	-16%	55%	5.6×	n/a	n/a
Futu Holdings Ltd. Sponsored ADR FUTU	United States	$13.7B	-32%	+44%	69%	6.8×	n/a	n/a
Japan Exchange 8697.T	Japan	$13.4B	+11%	+40%	61%	19.7×	n/a	n/a
Huatai Securities 6886.HK	Hong Kong	$22.5B	-12%	+123%	30%	5.8×	n/a	n/a
LPL Financial LPLA	United States	$23.0B	-3%	+31%	13%	10.5×	n/a	n/a
TMX X.TO	Canada	$12.1B	+10%	+4%	28%	22.8×	n/a	n/a
Freedom FRHC	United States	$11.4B	+28%	+8%	29%	39.7×	n/a	n/a
Evercore EVR	United States	$10.9B	-17%	+37%	22%	14.2×	n/a	n/a
Jefferies Financial JEF	United States	$10.9B	-11%	+26%	41%	11.3×	n/a	n/a
Yuanta Financial Holding Co. Lt 2885.TW	Taiwan	$28.1B	+28%	+78%	28%	14.2×	n/a	n/a
Houlihan Lokey HLI	United States	$10.1B	-5%	0%	20%	18.0×	n/a	n/a
Orient Securities 3958.HK	Hong Kong	$10.1B	-13%	+21%	40%	5.9×	n/a	n/a
Tradeweb Markets TW	United States	$29.7B	+17%	+14%	44%	27.9×	n/a	n/a

Questions

Who are Singapore Exchange's main competitors?: Named competitors: Hong Kong Exchanges (0388.HK), CME Group (CME), Intercontinental Exchange (ICE). The cockpit's measured peer set (industry) also includes BSE (BSE.NS), China Galaxy Securities (601881.SS), Meritz Financial (138040.KS), Euronext (ENX.PA), Shenwan Hongyuan (000166.SZ), GF Securities (1776.HK).
Is Singapore Exchange expensive compared with its peers?: On forward p/e it trades at 27.0× against a peer median of 11.1×, 4th most expensive of 21 in its peer set.
How has Singapore Exchange stock performed?: Over six months to 6 Nov 2026 the shares returned -2.2% against -4.4% for the median peer; over one year +19.8%.