Interactive Brokers Group, a global online brokerage, has opened a new Singapore office by setting up a local entity – Interactive Brokers Singapore.
Announced on Wednesday, this will enable the broker to offer Singapore-listed stocks to its local client as well as add them to its offerings of 135 markets in 33 other countries.
The Singapore-based clients of the broker can directly invest globally in stocks, options, futures, currencies, bonds, and funds from a single account with the global broker.
“As our client base continues to rapidly increase in Singapore, it was important to create a presence on the ground to support and service active traders and the wealth management community,” David Friedland, Interactive Brokers managing director of the Asia-Pacific region, said.
“As a critical wealth management and financial hub in Asia, our expansion in the region reflects that importance and keeps up with account growth.”
The brokerage also appointed Kevin Tan as the new Singapore entity’s chief executive officer. Tan was the executive director at Instinet Singapore, Nomura’s equities trading arm. The Singapore office also hired Guillaume Roux-Chabert is its head of sales.
Expanding the global presence
With the new Singapore office, Interactive Brokers has now officers in nine countries – the others are in the United States, Australia, Canada, Hong Kong, India, Japan, Luxembourg, and the United Kingdom.
Earlier this week, the brokerage reported its best trading volumes since March as the market was is slowly recovering following the slumping COVID-19 volatility – a 131 percent year-over-year rise in volume and nearly 13 percent on a monthly basis.
The firm also appointed Nicole Yuen as an independent director to its Board of Directors who is sitting on the table since the beginning of this month.
Notably, Interactive Brokers suffered huge losses in April as the oil prices went to the negative region for the first time, recording a loss of $104 million.