SINGAPORE - CWT Ltd said on Tuesday (Sept 13) that Straits Financial Services Pte Ltd, a subsidiary under its financial services arm Straits Financial Group, has been granted a full capital markets services (CMS) licence for trading in futures contracts by the Monetary Authority of Singapore (MAS).
Prior to this, Straits Financial Services was licensed to conduct regulated activity of trading only in commodity derivatives under a partial CMS licence granted by MAS in 2014.
With the restrictions on its CMS licence lifted, it is now able to offer a full suite of financial and commodity derivatives, including centrally-cleared over-the-counter (OTC) contracts and contracts-for-differences.
Straits Financial Services will also be able to expand its customer base beyond the "accredited investors" and "corporate expert investors" category.
"This marks a significant milestone for the Straits Financial Group and is testament to its good regulatory standing, competency and strive in providing a seamless service," said Mr Loi Pok Yen, CWT group CEO.
"With fully-licensed entities in the USA and in Singapore, Straits Financial is well poised to serve its clients in both the western and eastern hemisphere," he added.
Mr Roger Quek Chin Ing has been appointed CEO of Straits Financial Services, said Mr Jeremy Ang, global CEO for the Straits Financial Group .
"Roger brings with him a wealth of experience in the derivatives and commodities industry, having previously held management positions at Marex Spectron, China International Capital Corporation and DBS Vickers," said Mr Ang.