The SGX began on December 1, 1999 after the merger of two established exchanges, the Stock Exchange of Singapore (SES) and the Singapore International Monetary Exchange (SIMEX). The exchange electronically trades securities on equities and equity options, warrants and covered warrants, bonds, debentures and loan stock, deposi-tory receipts, and exchange-traded funds. Also traded are derivatives, through open outcry and electronic methods. Instruments traded are interest rate futures and options on futures, equity index futures and options on futures, and single stock futures.