Global brokerage firm Interactive Brokers Group opens Singapore office

Interactive Brokers Group said its Singapore office opening comes as other brokers have exited or decreased their commitment to the country. ST PHOTO: JOEL CHAN

SINGAPORE - Global brokerage firm Interactive Brokers Group said on Wednesday (July 8) that it has launched a Singapore entity - Interactive Brokers Singapore - and opened an office in the Marina Bay Financial District.

Investors here will be able to invest globally in stocks, options, futures, currencies, bonds and funds from a single integrated investment account with the brokerage, it said in a statement.

It can now offer Singapore stocks to investors here and directly market its offerings. It also connects to 135 markets in 33 countries.

Interactive Brokers Singapore's chief executive is Mr Kevin Tan, who was formerly executive director at Instinet Singapore, Nomura's equities trading arm, while Mr Guillaume Roux-Chabert is its head of sales.

The statement said the Republic's well-educated, skilled, and multilingual labour force will enable the company to supplement its existing client service teams around the globe.

Besides Singapore, the firm has eight other entities in the United States, Australia, Canada, Hong Kong, India, Japan, Luxembourg and Britain, serving over 876,000 clients accounts in more than 220 countries and territories.

"As our client base continues to rapidly increase in Singapore, it was important to create a presence on the ground to support and service active traders and the wealth management community," said Interactive Brokers managing director of the Asia-Pacific region David Friedland.

"As a critical wealth management and financial hub in Asia, our expansion in the region reflects that importance and keeps up with account growth."

Over 37 per cent of Interactive Brokers accounts now come from Asia, up from 27 per cent in 2017, and growth continues to be strong, said the firm, adding that its Singapore office opening comes as other brokers have exited or decreased their commitment to the country.

The firm said it has worked closely with the Singapore Exchange (SGX) for over two decades, actively participates on the SGX derivatives committee and has supported SGX' initiatives such as the recently launched Single Stock Futures.

SGX senior managing director for global sales and origination Chew Sutat said: "We have worked closely with Interactive Brokers for many years promoting the Singapore markets to international customers. (They have) been a pioneer in developing global electronic trading and we are delighted to have them on the ground to partner for growth together."

Join ST's Telegram channel and get the latest breaking news delivered to you.