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Hot stock: iFAST jumps 18% after becoming SGX securities trading and clearing member
ONLINE investment products distribution platform iFAST Corporation jumped 18 per cent to S$0.975 as at 3.25pm on Friday, up S$0.15, upon news of it being admitted as a Singapore Exchange securities trading and clearing member.
Cheaper stock trading might be on the way for retail investors.
"The admission will allow iFAST Singapore to launch its stock dealing service in SGX-listed stocks over the next few weeks," said iFAST chairman and chief executive officer Lim Chung Chun in a statement.
Half a year ago, iFAST attempted to launch a platform that would have offered stock trades at a 0.12 per cent commission and a minimum commission of S$10. For exchange-traded funds, the commissions were to be even lower at 0.08 per cent. These rates were significantly lower than the 0.18-0.28 per cent commissions and S$25 minimums offered by existing brokers for online trades.
However, the disruptive attempt was scuttled after appointed counterparty OCBC Securities pulled out, citing a conflict with its existing business.
iFAST counts Singapore Press Holdings, which owns The Business Times, among its shareholders.