Golden Fortune (Cambodia) Securities Plc (GFS), one among two securities dealers obtained license from Securities and Exchange Commission of Cambodia (SECC) is officially inaugurate its operation in Cambodia in late December, 2011. It is a join-venture company between Chinese and Cambodia with total capital of 10 million dollars.
Its ceremony and the inaugurations of various securities firms licensed as underwriter, dealer and securities broker are evidence of readiness of securities intermediaries which is a key infrastructure to support the success of launching the securities market project in Cambodia in future, Deputy Prime Minister Keat Chhon, Minister of Ministry of Economy and Finance said during ceremony.
Securities Dealers play a significant role in trading of securities in secondary market through Cambodia Securities Exchange (CSX)’s trading system to provide not only brokerage service to public investors, but also in trading in their own account assuming all the risks themselves. Moreover, securities dealers are important mainstays in daily trading operation in the market to provide dynamic trading activities and increase liquidity.
Mr. Zhang Yun Feng, Chairman of Golden Fortune, said that the firm has experience more than 10 years and also experience with beginning of Chinese security market with a strong basic security business skill and well communication network.
“We are commit in participating in the development of Cambodia securities market from the beginning by ways of investing, setting up relevant necessary infrastructure and made effort in finding partners, and skilled and experienced management from overseas in particular skilled staffs who had experience in developing securities market in China,” according to Mr. Zhang.
Currently, SECC provide license to 15 securities firms including 7 underwriter, 2 dealers, 4 brokers and 2 investment advisers, H.E. Ming Bankosal, Director General of Securities and Exchange Commission of Cambodia said after ceremony.
All securities already put into operation and ready for security trading even through they are not yet inaugurate such as SBI security, Kosal mentioned.
In November 2010, SECC granted licenses for fifteen securities firms: 7 underwriters, 2 dealers, 4 brokers and 2 investment advisers to conduct securities businesses.
As the trading of securities in future, three state-owned enterprises, Sihanoukville Autonomous Port, Phnom Penh Water Supply Authority, and Telecom Cambodia are preparing Initial Public Offerings (IPO) to ensure the trading of Cambodia security.
“The process in upcoming securities market are comply with rules and regulation and operate with transparency, accountability, efficiency, fair and protecting public investors and to provide fruitful outcome for developing financial sector as well as real economy,” Keat Chhoun said.
The delay in putting securities market into operation because it need to be careful arrangement and consideration all aspect in Cambodia security market to be success, He stressed.