Haitong International becomes SGX trading member

HAITONG International Securities (Singapore) is now a trading member of Singapore Exchange's (SGX) securities and derivatives markets, the local bourse operator announced on Tuesday.

Haitong International is a unit of Haitong Securities, a leading securities company in China and one of its largest brokers.

The total number of trading members in the securities market is now 25, and 45 trading members in the derivatives markets.

Mr Chew Sutat, SGX head of sales and clients, said in a statement: "At a time when China is rapidly developing its financial markets and economy, we are pleased to have firms like Haitong join our markets as a Member.

"The presence of Chinese members, with their network of clients in the mainland and elsewhere, will further enable Singapore to grow as a leading offshore centre for yuan."

Dr Lin Yong, deputy chairman and chief executive of Haitong International Securities Group, said: "As we continue to expand overseas, it is important that we establish our footprint in major international financial hubs. Haitong International is therefore proud to be one of the pioneering non-bank Chinese financial institutions in Singapore."

He added that specialising in yuan products and having an established China network allows the firm "to serve as a link between Chinese investors and Singapore's capital markets".