Overview: A single prospectus for two markets
Singapore’s financial regulators are proposing a landmark change that could reshape cross-border listings: a dual-listing bridge between the Singapore Exchange (SGX) and Nasdaq. The plan, announced by MAS Equities Market and Clearing department, aims to let companies file a single set of listing documents that would qualify for listing on both exchanges. If adopted, this initiative could streamline access to capital for growing firms and expand investor choice across Asia and the United States.
What is a dual-listing bridge?
A dual-listing bridge is a regulatory framework that synchronizes listing requirements and documentation across two exchanges. In this case, the proposal would enable a company to prepare one prospectus and supporting disclosures that satisfy the listing standards of both SGX and Nasdaq. The bridge would cover primary listings and select secondary offerings, with harmonized disclosure expectations designed to reduce duplicative work and time-to-market.
Why now? Drivers for cross-border listings
Several factors are driving MAS and market participants to explore this bridge. First, there is strong interest from Southeast Asian issuers seeking greater visibility among global investors, including those in the US. Second, US-listed Asian firms often face higher compliance costs when cross-listing, creating demand for a more unified process. Finally, investors benefit from a broader, more liquid pool of securities, enhancing price discovery and diversification across markets.
Regulatory alignment and safeguards
Regulators will need to align on governance, disclosure standards, and investor protections to ensure the bridge preserves market integrity. Key considerations include audit requirements, corporate governance codes, and continuous disclosure expectations. MAS has signaled that the framework would uphold Singapore’s stringent regulatory posture while accommodating Nasdaq’s market practices. A primary objective is to maintain high standards without imposing unnecessary burdens on issuers.
What this could mean for issuers
For companies, the most immediate benefit is reduced duplicative work and faster access to two of the world’s largest capital markets. A single prospectus could shorten listing timelines, lower issuance costs, and enable a broader investor base. In turn, issuers may experience enhanced liquidity and greater price discovery due to participation from both Asian and US investors. However, firms will still need to meet ongoing reporting requirements on both exchanges, and the interplay between SGX’s risk controls and Nasdaq’s trading rules will be carefully managed.
Impact on investors
Investors could gain more choice and diversified exposure. The dual-listing bridge could make it easier to trade cross-border shares, support more competitive pricing, and improve access to information through harmonized disclosure. Yet investors should remain mindful of currency risk, regulatory differences, and the potential for varying trading hours to affect liquidity dynamics.
Timeline and next steps
MAS indicated that the concept would be piloted in the coming years with an eye toward a potential launch in 2026, subject to stakeholder feedback and regulatory approvals. Market participants—issuers, institutional investors, brokers, and exchange operators—will be invited to comment on the proposed framework. If successful, the bridge could become a blueprint for other cross-border listings in the region, encouraging more issuers to consider dual-market strategies as part of their growth plans.
Conclusion: A strategic pivot for regional markets
The SGX-Nasdaq dual-listing bridge represents a strategic pivot in how companies access capital and how investors access opportunities. By enabling a single, harmonized listing document across two major markets, Singapore positions itself as a hub for cross-border listings in Asia, while Nasdaq stakeholders gain a clearer pathway to high-quality issuers and expanded liquidity. The coming months will reveal how regulators design safeguards and how quickly the program can scale to real-world issuances.
