The Phillip Group, a Singapore-based diversified financial services firm, has launched a margin FX trading platform for clients in Hong Kong.
Mark Ho, a director of Phillip in Hong Kong tells Squawkbox the platform was developed internally and will be offered eventually to clients in China and the rest of Asia as regulations permit.
The FX service will cover all major currency pairs with a minimum contract size of US$10,000. Bid/offer spreads will be six basis points and brokerage will be HKD6 [US$0.77] per contract. Initial margins will be 5%.
Phillip has affiliated companies in Singapore and Japan that already offer margin FX services while the firm itself offers non-leveraged FX trading in Singapore targeting small to medium enterprises and retail and small corporate investors. Phillip’s main business line is its retail stock and futures brokerages, ranked as one of Singapore largest.