BURSA MALAYSIA DERIVATIVES BRANCHING INITIATIVE TAKES OFF WITH THE FIRST FUTURES-ONLY BRANCH OFFICE IN JOHOR BAHRU
Bursa Malaysia Derivatives Berhad (Bursa Malaysia Derivatives) today announced that their futures broking branching initiative will soon be operationalised through the establishment of the first futures-only branch office by one of their futures brokers, Phillip Futures Sdn Bhd, on 18 April 2013.
This initiative is to enable futures brokers, particularly the standalone brokers (futures brokers who are not investment banks, universal brokers or 1+1 brokers), to expand their business reach by setting up branch offices and trading kiosks in various locations in Malaysia apart from their existing principal office. Futures brokers will be able to better serve their existing clients and to provide more access points to attract new clients to trade on Bursa Malaysia Derivatives, thus, paving the way for greater retail participation in the derivatives market.
Mr Chong Kim Seng, Chief Executive Officer of Bursa Malaysia Derivatives said, "I would like to commend Phillip Futures on their efficient move in establishing their first futures-only branch office in Johor Bahru. I am confident that this branching concept will create higher presence visibility amongst our futures brokers to promote Malaysian derivatives".
Mr Teyu Che Chern, Chief Executive Officer of Phillip Futures said, "This is the first milestone achieved under Phillip Futures' branching strategy. We are looking at setting up more branch offices and trading kiosks throughout Malaysia and this will certainly expand our clients' outreach especially amongst retail clients."
The branching initiative is realised pursuant to its implementation by Bursa Malaysia Derivatives on 3 December 2012 which allows futures brokers to establish branch offices and trading kiosks anywhere in Malaysia.