INTL FCStone Inc. announced this Monday that its Singaporean subsidiary has completed the acquisition of the futures and options brokerage and clearing business of UOB Bullion and Futures Limited.
The subsidiary, INTL FCStone Pte Ltd, was able to complete the acquisition after meeting all the conditions of the Asset Purchase Agreement, of which it entered into back on March 18, 2019.
UOB Bullion and Futures Limited is a subsidiary of United Overseas Bank Limited. As part of the acquisition, INTL FCStone Pte Ltd has upgraded its Capital Markets Services license in Singapore.
This means the company can now operate as a full-service brokerage. This covers dealing in exchange-traded derivatives contacts, over-the-counter derivatives contracts, and spot foreign exchange (forex) contracts for the purposes of leveraged FX trading.
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As Finance Magnates recently reported, the Singaporean subsidiary joined the Singapore Exchange (SGX) as a Trading and Clearing Member of the derivatives market. This move was part of the broker’s efforts to further cater to its growing customer base in the city-state.
INTL FCStone is welcoming a new era
Commenting on the acquisition, Greg Kallinikos, Chief Executive Officer of IFP and Deputy CEO, Asia for INTL FCStone group, said: “The successful completion of our acquisition of UOB Bullion and Futures Limited’s F&O business in Singapore marks the beginning of a new, exciting era for INTL FCStone in Asia.
“We are both thrilled and honoured by the prospect of serving our new customers and look forward to building long lasting relationships with all of them. This transaction significantly enhanced our regional and international capabilities with the addition of SGX as another major exchange we now offer clearing and execution services on.”
“This is an important milestone in expanding INTL FCStone’s presence in Asia and fully supports our plans of offering a one-stop solution for all our customers’ market access needs for listed derivatives globally.”