KUALA LUMPUR (July): Malaysia will establish a mercantile exchange and a private market platform as part of the Securities Commission's (SC) efforts to introduce new segments in the capital markets, Prime Minister Datuk Seri Najib Razak said on Wednesday.
Najib announced that the SC will develop a mercantile exchange to provide opportunities to invest and hedge in gold futures and other precious metals.
"(This is) in order to fulfill the growing interest by Malaysians to invest in all that glitters", Najib said in his keynote speech when launching the Private Retirement Administrator here on Wednesday.
Najib also announced the government's intention to promote an efficient and transparent trading and fundraising venue for unlisted companies.
"There is strong interest from SMEs, venture capital and private equity to raise funds," Najib said.
While the prime minister did not set down a timeline for these two plans, Najib said the SC will present comprehensive proposals to the government to implement these new features.
Najib also said the SC will introduce two new categories of registered persons, namely execution agents and business development representatives. This is to strengthen the role of dealers, to access a greater client base and to facilitate the provision of specialised services.