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Cathay Securities opens offshore securities unit
Taiwan News, Staff Writer
2014-08-11 12:19 PM

Cathay Securities, a subsidiary of Cathay Financial Holdings (2882), officially opened its offshore securities unit (OSU) August 8 in the opening salvo of the company’s bid to seize a piece of the OSU market.

Cathay Securities stated that OSU business will be available to domestic investment professionals and overseas individuals, legal entities, government organizations, and financial institutions. At this stage, the OSU will focus on high net worth overseas clients and provide comprehensive financial planning services.

In terms of business, Cathay Securities pointed out, according to the “international securities business subsidiary establishment standards and norms for conducting business” released by the Financial Supervisory Commission (FSC), the company can currently engage in brokering, proprietary trading, underwriting, and securities business lending. Commissioned trading of fixed income products will officially begin in August which will help enhance clients’ capital allocation efficacy. In the future, the OSU will gradually added business related to mutual funds and equity products.

In order to increase business opportunities available to domestic securities firms and attract foreign capital investment in Taiwan, the FSC approved the applications of the first 12 securities firms to establish international securities business subsidiaries. According to current regulations, after licensing, operators have eight months in which to open for business. If this deadline is missed, operators will have to reapply.

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