We used to hear about brokerages such as E-Trade offering stock trading at a $ flat commission; now we have the likes of Robinhood in the U.S. offering retail trading for free. 45. The advent of “robo advisers” also suggests that investors can access automated investment advice on their Smartphones, without the need for human interface. Some  6  BIS central bankers’ speeches  commentators believe that computer algorithms can essentially provide customized advice to investors at a fraction of costs compared to human financial advisers. 46. The interplay of new technology, different platforms and new players inevitably suggests faster and cheaper options ahead. These can impinge on the existing job roles in our financial marketplace. Technology-driven applications may very well become alternatives to the traditional stockbroking service offering. If a consumer is already getting regular and instant updates on the markets using his Smartphone, it is only natural for him to expect higher service levels from his stockbroker beyond ad-hoc market updates and pure execution. If consumers are already comfortable with making and receiving payments instantly via internet banking, there will be calls to shorten if not eliminate the 2 to 3 days taken to settle and deliver his stock. So the business model of CDP as a central securities depository may need to be reviewed in future. Upskilling the stockbroking industry 47. This leads me to the subject of skills upgrading.
The current uncertain macroeconomic and market environments underscore the importance of staying vigilant to new or growing risk areas and vulnerabilities. 3. But it is also important not to lose sight of the long-term positives. Our capital markets continue to attract a diverse range of players and activities. Besides SGX, international exchange groups such as the InterContinental Exchange (ICE) and EUREX, have or will establish exchanges and clearing houses in Singapore. These will add to the vibrancy of our exchange landscape in parallel with the continued growth in our asset management industry. The last asset management survey done for 2014 showed robust growth in total assets under management, with assets under management increasing by 30% to $ trillion. There is clearly a role for our capital markets to help match savers and users of capital and in the management of financial risks. 4. The SGX Equities Dialogue this afternoon is a good occasion for sharing, discussion and reflection on developments affecting our securities market. Allow me to use this address to share some thoughts on our market regulatory structure, and MAS’ roles in market surveillance and enforcement; and I will conclude by sharing some shorter remarks on new trends and on skills development. A sound regulatory system 5. As an international centre, Singapore’s financial market is influenced by many external factors.