data centre as well as further connecting trading communities in the world to Singapore. The new trading platform, SGX Reach, will be delivered to SGX by NASDAQ OMX, Voltaire and HP. This platform is based on GENIUM, a trading platform developed by NASDAQ OMX. Partnership SGX has entered a partnership with NASDAQ OMX. Together they will provide a suite of tools and solutions for companies, which is designed to support listed companies in Asia. Dual currency trading SGX plan to introduce dual currency trading of securities — Which includes stocks, bonds and other listed investments in two different denominations, the Singapore and US dollar on 2 April 2012. Financial Performance As of 31 January 2010, SGX had 774 listed companies with a combined market capitalization of S$650 billion. The revenues of SGX are mainly from the securities market (75%) and derivatives market (25%). SGX reported a net profit of $165.8 million for the first half of its financial year 2010. Excluding non-recurring items, net profit was 7% higher compared to 1H FY2009 ($159.2 million). In the second quarter of the financial year 2010, excluding the non-recurring items, net profit of $77.0 million was 3% higher than a year ago. Operating revenue increased 6% to $324.0 million (1H FY2009: $304.9 million). Small-cap sell-off In October 2013, excessive speculation led to the sharp price fall of three mainboard stocks, Blumont Group Ltd, Asiasons Capital Ltd. and LionGold Corp. SGX and the Monetary Authority of Singapore (MAS) launched a review of activities around the three stocks, and in February 2014 jointly issued a consultation paper setting out a number of enhancements to strengthen the securities market and protect investors from speculative and market manipulative behavior. Enhancements included implementing a minimum trading price for mainboard listed issuers, requiring reporting of short positions and the creation of three independent regulatory bodies. 2018 Review of corporate governance code Numerous guidelines are set to be shifted to SGX Listing Rules. At least one-third of the board members are to be independent directors. The shareholding threshold for assessing director independence has been lowered to 5% from 10%. A director will no longer be independent if he or any immediate family member is a substantial shareholder with a 5% stake or more. Relationships between chairman and CEO must be disclosed if they are immediate family members. There will be a proposed 9 year limit on independent directors as a