I can't tell which IB has any, if at all, of their key IT development done in Singapore. Moving some of the less critical projects(resources) to Singapore in order to cut down cost was the trend across the industry a few years ago, now the trend is, or apparently has been, to India since Singapore's cost level has shot up to near high from a mere medium a few years ago.
With that said, Singapore has the advantage of being SEA financial center, and there're growth potentials in spaces like commodities business, hence we are likely to see more trading desks being set up here.
It's been a tough time for this industry.
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