CMC Markets, a leading online trading platform headquartered in London, is poised to bring its expertise to the Asian market. The company has announced that its services in Singapore, under the entity CMC Markets Singapore Invest, will have a soft launch by the end of the first quarter of 2023. This move was made possible after the subsidiary acquired in-principal approval from the Monetary Authority of Singapore (MAS) for a Capital Markets Services license.
With this license in hand, CMC Markets Singapore Invest can now offer online and mobile trading of a wide range of globally listed shares, exchange-traded funds, futures, and options. This move is part of the company’s larger ambitions for geographical expansion, as it has already launched CMC Invest, its separate platform for Capital Markets, in the UK last October. This platform offers US and UK-listed shares, ETFs, and a few other products, and has also obtained a license in Australia.
“This announcement is a major milestone and validation for CMC Markets,” the Head of CMC Invest Singapore said.
“Our business has been offering CFDs in Singapore since 2007, but the Capital Markets Services Licence for CMSI will allow us to serve our clients with more robust investment products, including shares and ETFs.”
While the platform is still awaiting final regulatory approval for its Capital Markets license, it is expected to offer clients zero commission and real-time pricing on all its offered products. The company is also expecting its operating income for the financial year 2023 to meet market expectations, despite a weak performance towards the end of 2022. In January, CMC showed a strong recovery, with a 21% yearly increase in its net operating income for the first half of the financial year 2023, which came in at £153.5 million.
The Geographical Expansion
The launch of CMC Markets Singapore Invest marks an exciting opportunity for traders in Asia to access a world-class online trading platform. With its innovative offerings and its commitment to providing a seamless trading experience, CMC Markets is poised to make a big impact in the region.
“We know that Singapore is a sophisticated market when it comes to the financial services industry, and we chose to launch CMC Invest here due to its strong corporate governance infrastructure and regulator. This demonstrates our commitment to Singapore, and we look forward to bringing a new world-class platform to our clients,” Forbes added.