After suffering a huge loss of $104 million in April, as COVID-19 plummeted oil prices, Interactive Brokers Group (IBKR) is on its way to recovery. Interactive Brokers Singapore will be their new outpost in the Asia-Pacific region, alongside Hong Kong and Japan.
Interactive Brokers’ Singapore Expansion
Interactive Brokers Group, a legacy online brokerage with a long history and deep pockets, announced on Wednesday its expansion into Singapore. In charge of the newly opened office will be none other than former Instinet Singapore executive director Kevin Tan. Responsibility for the sales department will belong to Guillaume Roux-Chabert.
The Singaporean office upgrades to the total number of IBKR’s brokerage operations to nine. Except for India, the other eight offices read as a list of the most developed and wealthy nations. The IBKR trading platform has existing offices in the United States, Japan, Hong Kong, Australia, Luxembourg, United Kingdom, and Canada.
The latest expansion into Singapore will allow IBKR to deploy its stock listing to local clients in addition to integrating its offering on a global scale of 135 markets across 33 nations. The start of July also marks a change in IBKR’s Board of Directors with the appointment of Nicole Yuen who will serve as an independent director.
Singapore has become a hotbed of financial activity as of late. Tik Tok’s parent company, ByteDance, filed for a Singaporean banking license just last month.
Interactive Brokers Powers Through COVID-19
Founded 42 years ago by its current Chairman Thomas Peterffy, Interactive Brokers Group has acquired the reputation of facilitating premium services in the securities market. In that period, they have accrued $8.1 billion in equity capital.
Named one of the top Forex brokers in the UK, IBKR facilitates the trade of stocks, forex, futures, funds, and fixed income for a wide range of accredited and institutional traders. IBKR, along with its subsidiaries, execute at least 1.4 million trades per day, on average.
Like most players on the market, IBKR was hit hard by COVID-19, but nothing their ample cash reserves couldn’t overcome. After the oil prices went into the negative, IBKR continues to grow with a respectable 13% monthly rate.
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