PhillipCapital and SBI to build platform of US equities in Asian time zone

Rick Steves

With this new platform, Asian investors do not need to wait till Asian midnight hours to trade US equities on the US exchanges.

PhillipCapital and SBI Holding have agreed to create a joint-venture company based in Singapore in order to create a Trade Matching Platform for the trading of US-listed equities during Asian time zone.

The initial capital of $1 million will see subsequent increments to $6 million for full operations as the trade matching platform builds out and then applies for a Recognised Market Operator license from the Monetary Authority of Singapore before going fully operational.

Over 100 US-listed stocks trading from 9:00 to 17:00 Singapore time

The Trade Matching Platform will leverage PhillipCapital Group’s system development company, CQ TDT Asia based in Vietnam.

Together with the support of SBI Group, the JV will develop the matching engine for the trading of US-listed equities during the Asian time zone.

The plan is to have more than 100 US-listed stocks trading from 9:00 to 17:00 Singapore time, so that Singapore institutions and overseas institutions, overseas retail investors through brokers, and liquidity providers can have access to the trading platform.

The joint venture will have PhillipCapital occupying 70% ownership, and SBI Group, 30% as shareholders. The trading platform is expected to be fully operational by 1Q 2023 and trading volume is expected to exceed USD100 million per day in the first year.

Luke Lim, Managing Director at Phillip Securities, said: “PhillipCapital Group has a strong working relationship with the SBI Group for more than 10 years, mostly but not limited to the securities business. It is a great pleasure to work together with the SBI Group on this new trading platform initiative.”

Yoshitaka Kitao, President and CEO at SBI Holdings, said: “It is crucial for us to provide Japanese investors with the opportunity to trade US-listed equities in the daytime. We expect this new platform will enhance our customer experience and expand our securities business.”

Hitoshi Shimoyama, Executive Director of Phillip Securities, is expected to be appointed as CEO of the Joint Venture.

“Both PhillipCapital Group and the SBI Group have observed the growing demand from Asian investors to trade US-listed equities during the Asian time zone. With this new platform, Asian investors do not need to wait till Asian midnight hours to trade US equities on the US exchanges. We do not need to wait next day morning to be informed whether clients’ orders have been executed. Asian investors will be able to place and execute orders in the day”, said Shimoyama.

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