The launch of Charles Schwab Singapore follows a successful system integration and accounts migration in Singapore from optionsXpress, a derivatives trading platform Charles Schwab acquired in 2011, reports local newspaper Straits Times.
Access to the US market has been hindered by high transaction fees and unfamiliarity, which the Nasdaq-listed brokerage firm is hoping to overcome through its proprietary tools and research, it said.
The Singapore office will be led by managing director Greg Baker.
Underexposed
“Singapore investors are sophisticated but are often underexposed to the US market due to high transaction fees,” the Straits Times reports Baker as saying.
“Often, we find that investors do not sufficiently diversity their investments and their exposure to international markets is predominately through foreign exchange, when there is an opportunity to maximise their investment returns by exploring other vehicles; such as options, stocks and ETFs.”
Singapore investors will no longer need to private banking clients to access Charles Schwab services and can pay a simple fixed-fee.
