public companies go private or are acquired. in the us, the number of listed companies in 2018 stands at just over 4, 000, half of that in 1996 [ 11 ]. similar trends have been observed in the united kingdom and parts of western europe [ 12 ]. on the flipside, we are seeing significant growth in the number of privateequity ( “ pe ” ) backed companies, with the number of such companies in the united states doubling from about 4, 000 in 2006 to about 8, 000 in 2017 [ 13 ]. 25 đ đ reforms in the markets in financial instruments directive ii ( mifid ii ) have also awected the global investment research climate, with potential spill - on ewects on the liquidity and vibrancy of public markets. research budgets are shrinking and small to mid - cap stocks are increasingly seeing a reduction in research coverage [ 14 ]. these factors could impact the liquidity of public markets, especially for thinly - traded smaller firms which may not receive suwicient investor attention despite having strong fundamentals. 26 đ đ amidst these trends, there is a need to respond to changing funding needs and be flexible to accommodate these evolving business models. 27 đ đ in singapore, we seek to support corporates ’ financing capabilities and needs across the corporate lifecycle – from early stage financing to mature companies looking to tap on financing from public markets. as part of singapore ’ s financial services industry transformation map ( itm ) to transform singapore into a leading global financial centre that connects global markets and supports asia ’ s development, mas has introduced a number of initiatives to support enterprise financing in both private and public markets. • venture capital and private equity managers are an essential element in the financing lifecycle, by providing smart capital and operational and business expertise to portfolio companies. • to facilitate activities of venture capitalists to support small and medium - sized enterprises ( smes ), we have simplified and shortened the authorisation process for venture capital managers. • we have also set up a deal making platform called match, or meet asean ’ s talents and champions ) [ 15 ], to connect global capital and the asean enterprise community in 2018. this will help to grow the pipeline of companies that will eventually require listing in our public markets. • singapore also organises the annual singapore fintech festival ( sff ) and this will be combined with the singapore week of innovation and technology ( switch ) that is coming up on the 11 - 15th november, to provide

a platform for industry players to gain greater understanding of fintech applications and developments as well as support innovative solutions to find commercialisation opportunities. • sgx is also working with licensed private market platforms to facilitate the listing process for portfolio companies. such platforms provide pe / vc managers with opportunities to invest or exit, and provide a pipeline of companies that could list on sgx. such private - public markets partnerships can serve as an engine of growth for our public markets and provide support for enterprises throughout their corporate lifecycle. 28 đ đ in keeping up with changes in our public markets, such as the rise of neweconomy start - ups and technology firms, exchanges have continued to innovate to provide product owerings that support the varying needs of these companies. • for example, sgx has joined global exchanges in canada, europe, and the us, in introducing the dual class share ( dcs ) structure to support firms which have shares with diwerent voting rights to raise funds. dcs listings will broaden the range of investment options for investors and add vibrancy to singapore ’ s capital markets and capital markets globally. 29 đ đ with the recognition that public markets play an important and key role in our entrepreneurial ecosystem by providing public financing for growing companies, mas will continue to support growth in public equity markets. • mas has committed s $ 75 million over three years to help companies list and raise equity capital on sgx and support initiatives that broaden and deepen our research ecosystem. this will help to mitigate the growing and global phenomena of shrinking research coverage and build up our capabilities in covering public markets. conclusion 30 đ đ in conclusion, as we move into a changing world with a less certain global order, rapidly advancing technology, and increasing threats and opportunities, it will be even more important for exchanges and clearing houses to keep pace with global trends and be ready to adapt. this will ensure that you are wellplaced to navigate challenges and remain relevant to the evolving needs of our financial markets. 31 đ đ the wfe, in continuing to advance a collective voice for the improvement of our public markets, will be an important contributor to global discussions with regulators on how our public markets are shaped for the future. the wfe ’ s ongoing eworts in advancing the sustainability agenda for exchanges and clearing houses, is testament to the leadership and contributions it has presented since its founding in 1961. 32 đ đ i wish you a fruitful general assembly and annual meeting in singapore.