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Interactive Brokers opens Singapore office, offers access to local stocks
NASDAQ-LISTED Interactive Brokers Group on Wednesday announced the addition of its Singapore entity, Interactive Brokers Singapore, and the opening of an office in the city-state's Marina Bay financial district.
The brokerage firm has eight other entities around the globe: in the US, UK, Australia, Canada, Hong Kong, India, Japan and Luxembourg. It connects to 135 markets in 33 countries.
With its Singapore expansion, Interactive Brokers can now offer Singapore stocks to investors in the country and directly market its offerings, which include the ability to invest globally in stocks, options, futures, currencies, bonds and funds from a single integrated investment account.
The brokerage's managing director for Asia-Pacific, David Friedland, noted that as the firm's client base increased in Singapore, it was important to create a presence on the ground to support and service active traders and the wealth management community.
He added: "As a critical wealth management and financial hub in Asia, our expansion in the region reflects that importance and keeps up with account growth."
Over 37 per cent of Interactive Brokers' accounts come from Asia, up from 27 per cent in 2017, it said.
It added that the latest office opening "comes as other brokers have exited Singapore or decreased their commitment to the country".
Many of the firm's institutional clients, such as variable capital companies, family offices and hedge funds, had wanted to engage a broker licensed by the Monetary Authority of Singapore - a request the firm is now able to meet, according to Mr Friedland.
Interactive Brokers said it has been active in the Republic for "many years". It actively participates on the Singapore Exchange's (SGX) derivatives committee, and has supported SGX's new initiatives, such as the latter's recently launched single stock futures.
SGX senior managing director of global sales and origination Chew Sutat said the bourse operator has worked closely with the brokerage to promote Singapore markets to international customers.
"Interactive Brokers Group has been a pioneer in developing global electronic trading, and we are delighted to have them on the ground to partner for growth together," Mr Chew added.
The chief executive of Interactive Brokers Singapore is Kevin Tan, a former executive director at an investment bank, the brokerage said. Its head of sales is Guillaume Roux-Chabert.