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.

Read this next

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

Digital Assets

Masa and LayerZero: Bridging Blockchains for Data Sovereignty

Masa Network is poised to revolutionize the personal data landscape with its upcoming launch as a cross-chain platform, making it accessible on a variety of blockchains right from the start.

Digital Assets

Big Time Generates over $100M in Revenue since Preseason

Innovative game developer Big Time Studios announces that its highly anticipated free-to-play multiplayer action/MMO RPG Big Time, has generated $100M in revenue. According to the team, players transacted a total volume of over $230M, without selling a single token.

Digital Assets

Centralized exchanges are 10 times more popular than DEXs in Western Europe

Western European traders are found to prefer centralized exchanges over decentralized ones as CEX traffic outpaces DEXs by a factor of ten.

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

“The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

<