Wednesday, November 3, 2010

Bursa: 9 futures brokers get nod to deal directly with US customers

KUALA LUMPUR: Nine Malaysian futures brokers now have direct access to US customers after they were given the approval to undertake transactions by the National Futures Association (NFA-US).

Bursa Malaysia said the nine are AmFutures Sdn Bhd, CIMB Futures Sdn Bhd, JF Apex Securities Bhd, Kenanga Deutsche Futures Sdn Bhd, LT International Futures (M) Sdn Bhd, Okachi Malaysia Sdn Bhd, Oriental Pacific Futures Sdn Bhd, OSK Investment Bank Berhad, and TA Futures Sdn Bhd.

Bursa Malaysia said on Wednesday, Nov 3 these futures brokers could solicit and accept orders and customer funds directly from U.S. customers as permitted by the United States Commodity Futures Trading Commission (US CFTC).

Bursa Malaysia Derivatives Bhd chief executive officer Chong Kim Seng said: 'Our Malaysian futures brokers are now international.'

He hoped to see more of local brokers come onboard soon.

'With our brokers now having direct access to US customers, we see this as opening doors for new customer segments and thereby, increasing our trading base outside this region.

Chong said some of the approved brokers were in Chicago for the Annual Futures & Options Expo organised by FIA, adding the timing was apt for them to start their solicitations with US customers.

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