August 19, 2016

Securities accounts can be opened to trade stocks

THE First Myanmar Investment (FMI) started to open securities accounts on Monday for the trading of stocks on the Yangon Stock Exchange (YSX), according to Kanbawza Stirling Coleman Securities (KBZSC).
“We’ve joined together with the Singaporean Stirling Coleman Securities for their technical expertise. We will use the technology of this company to start to act as mediators for those companies who wish to trade stocks on the YSX. We will start to install software and systems.” explained chief financial officer of KBZSC, U Nay Myo Aung.
KBZ Securities Company is a joint-venture between the Kanbawza group and Stirling Coleman Securities from Singapore. They were the first company to be issued with an underwriter license to offer securities accounts for the YSX.
Stocks will not be traded directly on the YSX, but through third-party securities companies with underwriter licenses.
“Those who wish to trade stocks must first open an account with a third-party securities company. The account holder will be issued with an account name and a pin-code. Using this information, they will then be able to trade stocks on the YSX online, by logging on to the securities company website.
The list of what’s been traded will then be sent to the YSX, after which they will reset the price [of stocks] accordingly.” said U Nay Myo Aung.
FMI securities accounts can be opened at ten KBZ banks across the country as well as FMI centers in Yangon and Mandalay in March. Myanmar’s first Yangon Stock Exchange will be ready for trading stocks.—Myitmakha News Agency


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