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Image via Wikipedia Ref No: 06/10/10Embargo: Not for publication or broadcast before 1700 hours on Friday, 25 June 2010
Bank Negara Malaysia wishes to announce that foreign electronic brokers would be allowed to offer electronic broking platforms for wholesale interbank trading in the Malaysian foreign exchange market with effect from 1 July 2010.
This initiative is aimed towards enhancing the participation of new players in the foreign exchange market to further increase the dynamism and competitiveness of this market. This flexibility will promote greater trading activities as electronic broking platform increases transparency, improves market efficiency and lowers transaction costs for the market participants.
Foreign electronic brokers who are interested to provide such service in Malaysia may submit the application to Bank Negara Malaysia in accordance with the requirements of the Banking and Financial Institutions Act 1989.
In assessing the merits of such application, the following criteria will be adopted:
(i)The applicant must comply with the local incorporation requirement;
(ii) The applicant must have a sound track record internationally;
(iii) The applicant must have a feasible business proposition to contribute to the development of the foreign exchange market in Malaysia; and
(iv) The applicant must have system capability and infrastructure to support its business, including to address contingency and disaster recovery procedures.
Further details or application shall be directed to: Director
Financial Sector Development Department
Bank Negara Malaysia
Jalan Dato' Onn
50480 Kuala Lumpur
Tel: 603 - 26919885 or 603-26907593
Fax: 603 - 26913661
Email: feb@bnm.gov.my
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