HGX, a Private Securities Exchange, has Graduated from Monetary Authority of Singapore Fintech Regulatory Sandbox  Crowdfund Insider. : Hg Exchange (HGX), a private securities exchange established by a group of capital market intermediaries, reveals that it has graduated from the Monetary Authority of Singapore (MAS) Fintech Regulatory Sandbox with a Recognized Market Operator (RMO) license. With its RMO permit, HGX may now serve as a member-led private exchange in order to support the issuance and trading of digital and non-digital capital market instruments. HGX confirms that the member-driven private exchange was formed by four companies including Fundnel, PhillipCapital, PrimePartners and Zilliqa.