Strengthening the International Competitiveness of Capital Markets: Global Insights and Local Strategies

Global capital markets are undergoing a major shift. IPO activity has declined across most advanced economies, including the United States and the United Kingdom, while several Asian markets - particularly China - have expanded, with the region now hosting around 55% of listed companies globally. In response, many jurisdictions are pursuing reforms to revitalise public equity markets, while also reassessing regulatory approaches to the rapid growth of private markets, a key factor behind the decline in IPOs.

Using Singapore as a case study, this session will examine how countries can strengthen the international competitiveness of their public equity markets while navigating the risks and opportunities posed by the rise of private markets. Given that many of the challenges faced by Singapore are also present in other jurisdictions, the presentation and discussion will also draw on international experiences on how countries are and should adapt to a new era of capital markets and corporate financing marked by increasingly blurred boundaries between public and private markets.