INTL FCStone has upgraded its capital markets services license to offer full brokerage services and is admitted as a Trading Member of Singapore Exchange Derivatives Trading and Clearing Member of Singapore Exchange Derivatives Clearing.
Having met all the conditions of the asset purchase agreement, the Singapore subsidiary of U.S. financial services firm INTL FCStone has completed its acquisition of UOB Bullion and Future's futures and options brokerage and clearing business, the firm announced in a press release on Tuesday.
UOB Bullion and Futures announced the sale earlier in March for $5 million, with a view to winding down the business, which was established in 1978 as a wholly-owned subsidiary of UOB.
INTL FCStone will now be able to deal in exchange-traded derivatives contracts, over-the-counter derivatives contracts and spot foreign exchange contracts for the purposes of leveraged foreign exchange trading, the statement said.
«Important Milestone»
«This is an important milestone in expanding INTL FCStone's presence in Asia and fully supports our plans of offering a one-stop solution for all our customers' market access needs for listed derivatives globally,» Greg Kallinikos, CEO for INTL FCStone Singapore and Deputy CEO, Asia for INTL FCStone, said.
