SGX was formed in 1999 in order to effectuate the demutualization and merger of the two exchanges: Stock Exchange of Singapore and Singapore Intl Monetary Exchange. Prior to the merger, each exchange was owned by the member firms that engaged in trading and clearing and settlement functions. Pursuant to legislation adopted to effect the merger, SGX was created to own the exchanges and their related clearing houses, and the former owners and seatholders were given shares in SGX in exchange for their shares and seats in the two exchanges.SGX owns and operates the only integrated securities exchange and derivatives exchange in Singapore and their related clearing houses. The securities exchange was the first fully electronic and floorless exchange in Asia. The derivatives exchange is one of the largest in Asia and was named "Derivatives Exchange of the Year" in 1989, 1992, 1993 and 1998 by the International Financing Review and "Asia’s Best Derivatives Exchange in 1999" by The Asset magazine. Together, the two exchanges serve a wide array of international and domestic investors and end users, including many of the world’s largest financial institutions, and have been among the most innovative exchanges in the world in technological and new product development.SGX has been developing alliances and new products in order to meet the changing needs of the international and domestic financial communities. SGX was a founding member of the GLOBEX Alliance together with some other leading derivatives exchanges. It also has alliances or significant relationships with the Chicago Mercantile Exchange, the American Stock Exchange, the Australian Stock Exchange and the National Stock Exchange of India. SGX has introduced a variety of securities and derivatives products to respond to investors' desires for 24-hour trading, diversification and trading across markets.