Global online broker Tiger Brokers has become the latest securities trading and clearing member for the SGX, as well as a trading member for derivatives.
This means that SGX’s securities market now has 26 trading members and 26 clearing members, with the derivatives market having 67 trading members.
In a release on Nov 9, Pol de Win, SGX senior managing director and head of global sales and origination, said, “As the first online brokerage with SGX memberships across securities trading and clearing, securities depository and derivatives trading, Tiger Brokers will enjoy even greater access to SGX’s range of investment and risk management solutions, as well as a wider pool of international investors.”
See: Tiger Brokers gets approval-in-principle from SGX for securities and derivatives trading membership, CDP clearing rights
Tiger Brokers Singapore CEO Eng Thiam Choon said this development will strengthen its presence amongst investors and financial institutions as a “recognised and credible” regulated online brokerage.
It also provides an added security layer and efficiency that could possibly reduce the cost and risk of settling multiple transactions among multiple parties.
See also: Can SGX afford to wait up to a year for reforms?
In turn, this will allow Tiger Brokers to focus on Gen Z investors and beyond to “trade and invest as part of their wealth management, while gaining a higher level of trust with institutional partners to [be onboarded on] our B2B platform,” Eng notes
Shares of SGX closed at $9.55 on Nov 9, down five cents or 0.52% lower.
