Money Broking Licence
Money broking business is defined as the business of arranging transactions between buyers and sellers in money or foreign exchange markets with brokers acting as an intermediary in consideration of brokerage fees paid or to be paid but does not include the buying or selling of foreign currencies by the broker as a principal in such markets. The currency brokerage business refers to the broker's intermediary arrangement between the buyer and the seller in the currency or foreign exchange market. The consideration is the brokerage fee paid or to be paid but does not include the broker as the party to buy and sell foreign exchange in the foreign exchange market.
- The head office/parent company assumes a commitment to the responsibility arising from the operation of the Nazi/Branch.
- Managers, company directors, executive directors, and boards must be appropriate and appropriate. Approval must be obtained from the LFSA before the appointment.
- Details the applicant's operations and strategic business plans.
- Audited financial statements for the previous two years (if applicable).
- Other relevant information.
To apply for a company:
- At least RM500,000 or the paid-up share capital of any foreign currency.
- Hold a business office.
- Ensure that counterparties, ie primary brokers and liquidity providers, are recognized by the regulatory authorities.
- The currency brokerage business is designed to serve institutional investors and high net worth individuals. In this regard, currency brokers are expected to impose a 100:1 maximum leverage limit on their clients' transactions, which translates into a minimum 1% margin deposit to enable trading positions to be opened. For illustrative purposes, assuming a transaction volume of $100,000, the minimum margin requirement would be equal to $1,000.
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