SG Money Tree: Is SGX really a monopoly?

I have seen people talking about buying SGX because it's a monopoly. Is it really? Sure, if we're talking about flotation in Singapore only. The market is so much bigger than that. SGX is competing against the world for listings and derivatives. And companies have many other ways to raise capital. Local companies can choose to list in other countries, a popular destination being ASX.

However, is it a good company? I haven't done much research on it, but it definitely has awesome operating metrics with high ROE and margins. Is it selling at a good price? That I'm not so sure. I think there are better alternatives at the moment.