More brokerages offering stock trading apps for mobile devices

More brokerages offering stock trading apps for mobile devices

Brokerages here are betting on mobile trading to become the next big thing – a decade after internet trading revolutionised the stock broking industry.

Internet trading currently accounts for more than half of trading volumes at brokerages like PhillipCapital. In anticipation of mobile trading taking off, PhillipCapital has launched mobile trading applications for the iPhone as well as Android devices.

PhillipCapital said it has more than half a million internet trading accounts in Singapore alone and it believes internet and mobile trading of shares will double in the next two years. In addition, it has partnered with Samsung to provide its sales force and remisiers with mobile devices pre-loaded with the mobile trading application.

This is to prepare its sales force for the launch of continuous trading on the Singapore Exchange (SGX).

Earlier, SGX had announced that it will scrap the 12:30pm to 2:00 pm lunch break and launch all-day trading on March 1. The announcement did not go down well with some market participants, drawing objections from The Society of Remisiers (SOR) in Singapore.

SGX then announced that all-day trading will be postponed to the second quarter, to give market participants more time to prepare for the change. The bourse operator did not specify when between the April 1 and June 30 second quarter will all-day trading kick in.

Thomas Yeo, Director of Corporate Development at PhillipCapital, said: “So take for instance, when you are watching Channel NewsAsia at night when the US market is open, you can actually trade while watching, instead of having to go and start up your PC, which might take some time.”

Placing an order via mobile trading only takes a few seconds, and users will have to enter their password before the order can go through. The mobile trading application allows investors access to eight stock markets, including Singapore, the US and Hong Kong.

Other brokerages, such as Kim Eng, OCBC Securities and DMG have also launched mobile trading applications.

The Singapore Exchange said this will benefit retail investors here, as they get more flexibility and choice.

Chew Sutat, Head of Securities at SGX, said: “Along the way, as we expand the marketplace, it is very important that investors have greater choice. That dealers and remisiers have greater choice and access to our market, and we are very much looking forward to partner our brokers in that respect.”

Retail investors, especially those that trade in overseas stock markets, said they welcome the added option of trading on their mobile phones. Such applications, they said, would allow them to react quickly to volatile market conditions.

Adapted from CNA (By Linette Lim)

Leave a Reply