To connect the traders and grow the traders’ community quantitatively and qualitatively
To represent the interests of Trading Members (Individuals or Proprietary), otherwise known as Locals, as a body.
To improve the knowledge, efficiency and understanding of the financial industry among members.
To increase social interaction, understanding and co-operation among members.
To do all such lawful things as are conducive to the achievement of the above objects.
How and when did the idea of the association come about?
Since 1984, the futures traders in SIMEX and subsequently the SGX Derivatives arm were always represented by the Locals Committee. The committee was for many years elected by the traders on the trading floor. However, being a committee without an independent body, the committee always felt the lack of independence and freedom from the exchange. Thus, the committee members were always viewed as working for the benefit of the exchange.
The closure of the floor in the years 2004-2005 and the advent of electronic trading dealt a blow to the development of the community as many traders ended up trading either from homes or trading arcades. The need to move together as a community became very apparent for the community.
The idea of an association for the traders was started as early as 2006 by our traders. However, the idea did not take root as the then locals committee wasn’t confident enough to garner enough traders to start the association. In 2008, after SGX’s re-organization, Mr. Andrew Ler took over as the head of Private Investor Group. He spoke to a few key traders in the community who in turn rallied a group of traders who are trading in diverse markets to start the association.
It was a big task to start an association for this group of traders as their primary job is to trade. To write the constitution, to set up a website, to deal with the various institutions was work that is not familiar to this group of traders. Thus it took us quite a long time to be ready to set up the association.
We need to thank SGX for their support through this process. We like to thank Mr. Andrew Ler of the Private Investor Group of SGX and his team, especially Ms Carin Looi, for their help in the setting up of this association.