SGX has been spending sustainable dividends for 10 years. There is no year when the DPS is higher than the EPS. Note that SGX had an extremely high payout rate of almost 100% between 2010 and 2012. However, management has been very cautious in increasing its DPS with the growth rate of its EPS, as shown in the later part of the diagram. Nevertheless, it is encouraging to see that the increase in the quarterly dividend is in line with its policy of paying, over time, a sustainable and growing dividend in line with its long-term growth prospects. If we evaluate its valuation on the basis of an average TCG of 22.668, with the latest EPS at 44.1 cents, we should see a lot of potential upside. In addition, the CEO of SGX acknowledged that exchanges have benefited from extreme market volatility that has increased the volumes of stocks and derivatives, but this has been stabilized since then. .