The Singapore Exchange Limited (SGX) is a Singaporean investment holding company that provides different services related to securities and derivatives trading and others. SGX is also a member of the World Federation of Exchanges and the Asian and Oceanian Stock Exchanges Federation. Structure SGX operates several different divisions, each responsible for handling specific businesses. SGX ETS (Electronic Trading System): provides global trading access to SGX markets where 80 percent of the customers are from outside Singapore. SGX DT (Derivatives Trading): provides derivatives trading. SGX ST (Securities Trading): provides securities trading. SGX DC (Derivatives Clearing): subsidiary for clearing and settlement operations. SGX AsiaClear: offers clearing services for over-the-counter (OTC) oil swaps and forward freight agreements. SGX Reach: an electronic trading platform. Central Depository Pte Ltd: subsidiary responsible for securities clearing, settlement and depository services. Asian Gateway Investments Pte Ltd: wholly owned subsidiary Singapore Exchange IT Solutions Pte Ltd: provides computer services and maintenance as well as software maintenance Listing The companies listed on SGX belong to one of two groups: the companies listed on the SGX Mainboard and the companies listed on SGX NASDAQ. In order to be listed on the mainboard, a company has to fulfill some requirements set forth by SGX, while a listing on NASDAQ is not tied to the fulfillment of any additional conditions. SESDAQ was replaced on 26 November 2007 by the SGX Catalist after an extensive study of other market models and a public consultation in May 2007. The word "Catalist" is an amalgamation of the words "Catalyst" and "List", to reflect the idea that the Catalist board could be used as a catalyst to propel growth upon listing. Catalist differs from SESDAQ primarily in its use of a sponsor system to determine a prospective company's suitability to list and as a corporate advisor to advise on listing and corporate governance issues. Trading system The exchange launched SGX QUEST (SGX Quotation and Execution System) in August 2004. The system is used by the exchange for derivatives and securities trading. Trading hours Local times: History Formation of SGX SGX was formed on 1 December 1999 as a holding company. The share capital of some former exchange companies, namely Stock Exchange of Singapore (SES), Singapore International Monetary Exchange (SIMEX) that was founded in 1984 and Securities Clearing and Computer Services Pte Ltd (SCCS) was cancelled and new shares issued in these companies were fully paid up by