Commodities and Forex broker INTL FCStone Inc (NASDAQ:INTL) announced on Tuesday that its Singapore-based subsidiary, INTL FCStone Pte. Ltd., obtained a Capital Markets Services License from the Monetary Authority of Singapore (MAS). Along with that achievement, the company has markedly expanded its capabilities and key personnel in an effort to meet the growing demand for commodity risk management services.
The license covers the regulated activity of trading in futures contracts, including those related to the energy, metals and agricultural markets.
Peter Rizzo, Deputy Chief Executive Officer, Asia for the INTL FCStone Inc. group of companies, said,
“Singapore is considered a global hub for the trading and broking of commodities given its proximity to key markets. This CMS license represents a critical step in our business development not just our business in Singapore, but also for all our business in Asia and around the world. We must thank the MAS for the opportunity the license represents.”
David Pike, Managing Director with INTL FCStone Pte. Ltd. in Singapore added,
“We are growing our Asia operations from Singapore and this license gives us the ability to build on that growth. We have assembled a very talented team and can now expand the delivery and range of the products and services offered to our customers. The team’s expertise spans the entire range of commodities including energy, softs, agricultural, metals and tropical oils.”
INTL FCStone Pte. Ltd. offers its Asia-based customers access to global markets so they can effectively and efficiently hedge their commodity market risk via INTL FCStone’s diverse offering of financial services.
To view the official announcement from INTL FCStone, click here.