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Business Times
08-08-2025
- Business
- Business Times
Shouting, signalling, scrambling: Inside the heyday of Singapore's trading pits
[SINGAPORE] Traders in red jackets yelling prices, hand signals flying across stepped pits, and runners darting through the crowd with order slips – that was how Singapore's derivatives market once operated. In these open-outcry pits – so named because traders would literally shout their bids and offers across the floor – a carefully choreographed dance played out each trading day, from 1984 until their closure in 2006. When an order came in from a client – say, to sell 100 lots of Nikkei 225 futures – a broker would shout or signal the intention to offload the contract to a group known as order fillers, or 'locals'. The locals – traders who used their own capital to buy and sell derivatives, often at high frequency – would respond with their best bids, yelling or flashing hand signals until a price was agreed. Details of the trade were then scribbled onto a card, passed to a clerk, and handed to the clearing broker of the locals, who would input the trade into the exchange's matching system. Exchange staff would then update the official price boards. All transactions were recorded on trading cards. PHOTO: SGX Where noise overwhelmed, hand signals took over. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Traders relied on a system of universally recognised gestures: a palm facing inwards signalled a buy order, while an outward-facing palm meant sell. Numbers were indicated with fingers – raised above the head for larger quantities, or near the chin for smaller ones. At their peak, individual pits could hold more than 300 people, all shouting, signalling and scrambling to trade contracts at the best possible price, said Rama Pillai, managing director at SGX Group. Pillai joined the Singapore International Monetary Exchange (Simex) in 1991. Established in 1984 as Singapore's first derivatives exchange, Simex merged in 1999 with the Stock Exchange of Singapore and Securities Clearing and Computer Services – forming today's Singapore Exchange (SGX). Semi-circular bowls The trading pits, Pillai recalled, were not just flat floors. They were built in a semi-circular bowl with rising steps, designed to control the flow of information within the frenetic environment. The locals – clad in red jackets – stood at the centre of the pit. Andy Tan, chief executive officer of Synergy Link Capital, who began his trading career in 1991 as a broker for a local bank, said: 'You could think of them as high-frequency traders' These locals played a vital role in the market ecosystem, providing liquidity through their constant buying and selling – much like market makers today, explained Tan. Eventually, however, electronic trading took over. What once took seconds, minutes or even hours could now be executed with a single click. The last open-outcry pit shut in September 2006, nearly two years after SGX launched its electronic migration in November 2004. But the shift from organised chaos to code came with its own set of challenges. As SGX began phasing out its trading pits in the early 2000s, one key question emerged: how to help floor traders adapt to electronic systems. Rather than let the community fade – as it had in other markets – Pillai and his team rolled out a structured training programme, funded in part by a government grant. Traders were introduced to handheld electronic devices, and even attended classes taught by a seasoned Chicago floor trader flown in specifically for the initiative. The result? While exchanges in London and Australia saw 80 per cent of their floor communities disappear within a year of going digital, Singapore experienced the reverse. Pillai said: '80 per cent of the community continued to trade, even one year after we went away from the floor.' IPO frenzy While Simex's open-outcry pits were bustling with professionals, many retail investors had their first brush with the markets through initial public offering (IPOs) – and a pair of manila envelopes. 'It was a very manual process,' recalled S Nallakaruppan, president of the Society of Remisiers (Singapore), who began his career in 1994. Back then, applying for IPO shares involved filling up an application form, placing it in one envelope, and enclosing a cashier's order in another. 'If you're successful, then they will process the cashier's order,' said Nallakaruppan. 'Otherwise, they will return it.' The application forms were completely manual, with prospectuses distributed at booths set up in Raffles Place, said June Sim, managing director at Singapore Exchange Regulation. The excitement around IPOs was palpable. 'Every two, three weeks, you'd have one IPO on the SGX,' said Nallakaruppan. Many were hugely oversubscribed – '50, 100, 400 times' – and receiving an allocation often meant guaranteed returns. 'The moment you applied (and) you were allocated the share, the chances of you making money were very high,' explained Nallakaruppan. The IPO of Singtel in 1993 was a standout moment for both Nallakaruppan and Sim. As part of a government push to promote wider share ownership, all Singapore citizens were eligible to subscribe to the shares at a discounted price. The 'sheer size' of the offering – with over 1.4 million Singaporeans taking up shares – triggered a 'deluge' of applications, said Sim, with community centres even roped in to help locals open securities accounts. The Singtel IPO also marked the first large-scale use of the Electronic Share Application facility, which allowed the public to apply for new shares through automated teller machines – removing the need for cashier's orders or manual application forms.
Los Angeles Times
21-07-2025
- Business
- Los Angeles Times
Steric and Simex Partner to Blend Science and Spirits for the Mexican Beverage Industry
Steric's Technology to Be Delivered by Trusted Industrial Leader Simex Culver City-based Steric and Simex (Industrial Systems of Mexico, SA de CV) have announced a strategic partnership to bring Steric's award-winning spirits processing technology to Mexico's rapidly growing tequila and spirits market. This alliance gives Steric direct representation in Guadalajara – Mexico's tequila heartland – while leveraging Simex's deep industry ties and expert sales team to expand access to Steric's additive-free, flavor-enhancing process. 'We saw in Steric a shared commitment to innovation and excellence,' said Carlos Nazario, president of Simex. 'This partnership enables us to offer distillers a transformative solution that elevates product quality without compromising tradition.' Steric's scalable electromagnetic process enhances flavor, aroma and mouthfeel without the use of chemicals or costly methods. Through Simex's established client base, producers across the region can now improve product quality and consistency at scale. 'This is a key step in our global expansion,' said Dan Huntsberger, chief revenue officer at Steric. 'Simex's trusted reputation and regional expertise make them the perfect partner to bring our technology to one of the world's most iconic spirits markets.' Steric is the developer of the Steric Process, a patent-pending, electromagnetic energy-based solution that transforms wine and spirits at the molecular level. Simex provides high-tech process solutions to Mexico's food, beverage and pharmaceutical industries. Information sourced from Steric. To learn more, contact media@
Yahoo
18-04-2025
- Business
- Yahoo
Alder Packaging partners with Simex to offer sustainable packaging solutions
Alder Packaging has formed a regional manufacturing partnership with Simex, a Colombian injection moulding manufacturer, to enhance its sustainable packaging offerings. This collaboration aims to provide Central American brands with a resilient, nearshore manufacturing option amidst evolving tariff policies and global supply chain challenges. Alder will showcase the custom samples from its collaboration with Simex at this year's Luxe Pack New York event in the US on 7 and 8 May. These include recyclable formats and high post-consumer recycled content solutions, which align with the current demand for sustainable packaging solutions. Alder Packaging co-founder and COO Sarah Haffey said: 'We're combining Simex's deep manufacturing expertise with Alder's engineering and sustainability focus. 'This partnership offers our clients a regional solution that reduces emissions, shortens lead times, and helps them stay agile in today's complex sourcing environment.' Simex, established in 1969, focuses on beauty components production, including mascara wands and fragrance caps. Its longstanding relationships with brands underscore its efforts in innovation and quality in the packaging industry. Simex commercial manager Santiago Vera said: 'We're proud to bring our decades of manufacturing experience to the Alder team that prioritises sustainable innovation. Together, we're elevating the future of beauty packaging.' The partnership with Simex allows Alder to support clients in diversifying their supply chains. With manufacturing options across South America, the US, China, and the EU, Alder is positioning itself as a versatile supplier in the face of increasing tariffs and changing trade policies. Haffey added: 'At Alder, we're transparent on pricing at the factory to how tariffs are impacted based on the location - it's important for brands to know that the tariffs are based on where the finished goods are assembled, not always where the packaging is made.' "Alder Packaging partners with Simex to offer sustainable packaging solutions" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Associated Press
16-04-2025
- Business
- Associated Press
Alder Packaging Taps Colombian Manufacturer, Simex, to Lead Next Era of Sustainability and Supply Chain Strategies
LOS ANGELES--(BUSINESS WIRE)--Apr 16, 2025-- Alder Packaging unveiled a new regional manufacturing partnership with Simex, a family-owned injection molding facility based in Medellín, Colombia, with over 55 years of expertise. This collaboration strengthens Alder's ability to offer sustainable packaging solutions while providing a resilient, nearshore alternative as brands navigate shifting tariff policies and global supply chain changes. This press release features multimedia. View the full release here: Simex and Alder Team Established in 1969, Simex specializes in producing high-quality beauty components, including mascara wands, lip gloss tubes, lipstick bullets, fragrance caps, and nail polish bottles. Their long-standing partnerships with world-renowned brands reflect their deep commitment to innovation and quality. 'We're combining Simex's deep manufacturing expertise with Alder's engineering and sustainability focus,' said Sarah Haffey, Co-Founder and COO of Alder Packaging. 'This partnership offers our clients a regional solution that reduces emissions, shortens lead times, and helps them stay agile in today's complex sourcing environment.' Santiago Vera, Simex's Commercial Manager, added, 'We're proud to bring our decades of manufacturing experience to the Alder team that prioritizes sustainable innovation. Together, we're elevating the future of beauty packaging.' As brands face rising tariffs and evolving trade policies, Alder is proactively helping clients build flexible supply chains with a mix of South American, U.S., Chinese, and EU manufacturing options. Sarah explained, 'At Alder, we're transparent on pricing at the factory to how tariffs are impacted based on the location — it's important for brands to know that the tariffs are based on where the finished goods are assembled, not always where the packaging is made.' Get a First Look at Luxe Pack New York On May 7th and 8th in New York, Alder will debut custom samples with Simex at Luxe Pack New York. The collection will showcase packaging innovation via recyclable formats, high PCR content, and mono-material solutions. These components reflect today's demand for sustainability without compromising quality or aesthetic. To schedule a meeting with the Alder team at Luxe Pack or request a private preview of the Alder + Simex collection, visit About Alder Packaging Established in 2022 to make beauty more sustainable, Alder Packaging delivers custom packaging across skincare, haircare, color cosmetics, and fragrance. With expertise in packaging engineering and manufacturing, Alder designs innovative components and guides brands on streamlining their supply chains and processes for sustainability. About Simex Simex is a family-owned injection molding facility located in Medellín, Colombia. With over 55 years of experience, Simex specializes in cosmetic packaging components and serves a global portfolio of beauty brands through a legacy of quality and innovation. View source version on CONTACT: Sarah Haffey Co-Founder & COO, Alder Packaging [email protected] Alexis Quintal [email protected] KEYWORD: LATIN AMERICA NORTH AMERICA UNITED STATES SOUTH AMERICA COLOMBIA CALIFORNIA NEW YORK INDUSTRY KEYWORD: ENVIRONMENT LUXURY PACKAGING MANUFACTURING SUSTAINABILITY FASHION COSMETICS RETAIL SUPPLY CHAIN MANAGEMENT SOURCE: Alder Packaging Copyright Business Wire 2025. PUB: 04/16/2025 08:31 AM/DISC: 04/16/2025 08:31 AM
