Retail broker Phillip Securities has announced it will launch Pi-X1, Asia’s first platform that allows for trading of US equities during Singapore trading hours.
The platform will be launched in March 2022 and will be available to retail investors in Singapore, broker-dealers, and institutional investors in the Asian time zone.
Currently, given the time difference between Asia and the US, Asian investors typically have to wait until late at night to trade US equities.
According to Phillip Securities, investors will be able to buy or sell about 40 of the “most liquid and popular” US equities on the platform, which will be open from 9am to 5pm Singapore time.
“We created Pi-X1 when we saw the growing demand for US equities from Asian investors. This is one of the many initiatives our company has rolled out to better serve our customers’ needs,” says H. Shimoyama, Phillip Securities’ executive director, Team of Pi-X Projects.
“We expect the transaction amount could be US$10 million ($13.7 million) per day as a start,” he adds.
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To trade on Pi-X1, investors will need to open an account with Phillip Securities. Phillip Securities will act as principal in the trade with buyers and sellers.
Trade matching will be done by order book, with all transactions will go to order book through a trading screen or via API.
Photo: John Schnobrich/Unsplash
