US agenda for Phillip Capital hots up: Company’s American division gains FINRA license and expands beyond FX into equity and debt securities

In November this year, FinanceFeeds exclusively reported live from a private launch in New York that Phillip Capital Inc. had begun to expand its presence from its native Singapore into North America, largely via its partnerships with prominent US exchanges.

Today, the next stage in the company’s interest in North America has taken place, with the company having become a Financial Industry Regulatory Authority (FINRA) member.

As a result, Phillip Capital has expanded its current financial services beyond futures and forex to include self-clearing corporate equity and debt securities. The Firm will settle securities transactions via the Depository Trust Clearing Company (DTCC). The Firm is in the process of completing final rounds of systems testing prior to launching its securities operations.

Today, Lynette Lim, Co-CEO and Director of Phillip Capital made a corporate statement, saying:

“We’re thrilled to launch our broker-dealer operations. Expanding our product-line into securities is a huge milestone for Phillip Capital, because this means that we will transform ourselves from a single asset class company to a multi-asset class company. Today, investors are more sophisticated and want to have a diversified portfolio at one place; now, we will be able to provide that vertical integration. Furthermore, it is important for us to be able to clear our own trades and control risk that way.”

As far as evolution of the company’s equities division is concerned, Phillip Capital’s initial priority is to clear its affiliate business from the Phillip Capital Group in Asia, followed by extending the service to its institutional clients in the US.

Featured photograph: Phillip Capital CEO Teyu Che Chern with Andrew Saks-McLeod in New York.