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Through the Looking Glass: Will SGX Learn from History?

mitsuhiro-tsunoda
Mitsuhiro Tsunoda, Nomura Research Institute

To paraphrase philosopher George Santayana, those who do not learn from history are doomed to repeat it. On January 1, 2010, as most people were sleeping off their New Year’s Eve hangovers, the Tokyo Stock Exchange (TSE) unveiled Arrowhead, the exchange’s new, state-of-the-art trading engine.

Expectations were high. Arrowhead was to usher in a new age of low-latency trading that would attract investors from all over the world. There were predictions that in no time at all, volumes would soar and

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