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CHICAGO, June 26, 2014 /PRNewswire/ — Chicago-based Phillip Futures Inc.
is proud to announce it has received National Futures Association (NFA) approval to become a forex dealer member (FDM) and forex firm. As an FDM, Phillip Futures will be able to offer over-the-counter (OTC) foreign exchange products to customers residing in the US and abroad. With the increasing trend of retail foreign exchange dealers exiting the U.S. market, Phillip Futures is the first new FDM entering the U.S. market since 2012. As of April, 2014, there were a total of eleven US firms that carried retail forex balances. The firm plans to launch its OTC forex offering to customers beginning the fall of 2014.
A member of the Singapore-based PhillipCapital Group
established since 1975, Phillip Futures made its U.S. debut in 2010 as a futures commission merchant (FCM) with self-clearing memberships at CME, CBOT, NYMEX, COMEX, DME, ICE US, CFE (CBOE) and NYSE LIFFE. For the PhillipCapital Group, which operates in 16 financial markets and has 900,000 clients worldwide, entering the U.S. OTC forex arena is a natural progression since the Group already offers OTC forex through its Singapore, Turkey, Japan, Hong Kong and Australia offices. PhillipCapital Group of Companies have memberships at 26 exchanges combined.
Phillip Futures will offer the Meta Trader 4
(MT4) platform and straight through processing for its OTC forex offering. Apart from offering the major currency pairs, it will also offer exotic currencies like Thai Baht and Chinese Reminbi.
“Forex is the largest, most liquid market in the world, and with the shrinking number of OTC retail forex firms in the U.S., we see the potential for growth opportunities in the U.S.” Lynette Lim, CEO and Director of Phillip Futures said. “With Phillip Futures entering the U.S. OTC forex market, we bring along the stability of PhillipCapital Group, which has been profitable since its founding and bears no debt. We plan to be a long-term player here in the US.”
In addition to OTC forex, Phillip Futures also plans to expand into equities and become a self-clearing broker dealer by mid to late 2015. For more information about Phillip Futures, visit www.PhillipUSA.com
About Phillip Futures Inc.
Established as a Chicago-based futures commission merchant (FCM) in 2010, Phillip Futures Inc. ( http://www.phillipusa.com
) is a member of the Singapore-based PhillipCapital ( http://www.phillip.com.sg/
) with full clearing memberships on six derivative exchanges in the U.S. including CME Group, NYSE Liffe US, CFE, ICE US and DME. Through PhillipCapital, Phillip Futures Inc. offers access to more than 20 derivative exchanges in Asia. In the United States, Phillip Futures has one of the most comprehensive offerings of direct market access to Asia futures markets, including SGX, OSE, TOCOM and BMD. Phillip Futures Inc. was listed among the Top 50 Brokers in Futures Magazine, ranking #40 in 2013.
Since 1975, the PhillipCapital network has grown into an integrated Asian financial house with a global presence that offers a full range of quality and innovative services to retail and high net worth individuals, family offices, corporate and institutional customers.
Our comprehensive suite of financial products and services includes broking in securities, futures, foreign exchange, bonds, precious metals and commodities, unit trusts, contracts for difference, exchange traded funds; fund management, managed accounts, insurance planning, regular savings plan, investment research, equity financing and property consultancy. Institutions can also benefit from our corporate finance and advisory services as well as information technology solutions.
With more than 3,500 employees and over 900,000 clients worldwide, our assets under management totals to more than USD 24 Billion with shareholders’ funds in excess of USD 1 Billion.
PhillipCapital operates in the financial hubs of 16 countries, including offices in USA, UK, Japan, Hong Kong, Singapore, Malaysia, China, India, Indonesia, Thailand, Cambodia, Sri Lanka, UAE, France, Turkey and Australia.
SOURCE Phillip Futures Inc.
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phillip futures approved for retail forex dealer membership debuting in the fall
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