<p>London-listed CMC Markets (LON: CMC) announced on Tuesday that its capital markets services in Singapore, under the entity CMC Markets Singapore Invest, are expected for a soft launch by the end of the first quarter of 2023.</p><p>CMC Markets Singapore Invest to Launch Services in Q1</p><p>It came after the Singapore subsidiary <a href=”https://www.financemagnates.com/forex/cmc-markets-positive-with-fy23-income-gains-singapore-license-for-invest/” target=”_blank” rel=”follow”>acquired an in-principal approval</a> from the Monetary Authority of Singapore (MAS) for a capital markets services license. The Singaporean company can now offer online and mobile trading of globally listed shares, exchange-traded funds, futures, and options.</p><p>“This announcement is a major milestone and validation for CMC Markets,” said Christopher Forbes, Head of CMC Invest Singapore.</p><p>“Our business has been offering CFDs in Singapore since 2007, but the Capital Markets Services Licence for CSMI will allow us to serve our clients with more robust investment products, including shares and ETFs.”</p><p>Check out the Campfire Session by CMC Markets Connect at the latest FMLS22.</p><p>CMC Invest Expanding Geographically</p><p>CMC <a href=”https://www.financemagnates.com/forex/brokers/cmc-group-launches-new-stock-trading-platform/” target=”_blank” rel=”follow”>launched CMC Invest</a>, its separate capital markets platform, last October in the United Kingdom. It offers US and UK-listed shares, ETFs, and a few other products. Now, the new license in Singapore has bolstered its <a href=”https://www.financemagnates.com/forex/cmc-markets-expands-invest-offering-adds-flexible-isas/” target=”_blank” rel=”follow”>ambitions for geographical expansion</a>. CMC’s Invest platform also obtained a license in Australia.</p><p>However, CMC Markets Singapore Invest is still pending final regulatory approval for its capital markets license. The platform will offer clients zero commission and real-time pricing on the offered products.</p><p>“We know that Singapore is a sophisticated market when it comes to the financial services industry and we chose to launch CMC Invest here due to its strong corporate governance infrastructure and regulator. This demonstrates our commitment to Singapore and we look forward to bringing a new world-class platform to our clients,” said Forbes.</p><p>Meanwhile, CMC is expecting its operating income for the financial year 2023 to be in line with market expectations. Though the performance parameter came in weak towards the end of 2022, it recovered strongly in January. In the first half of FY23, CMC showed a 21 percent yearly increase in its net operating income, which came in at £153.5 million.</p>
This article was written by Arnab Shome at www.financemagnates.com.
