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Exposure Draft on Framework for Electronic Trading Platforms

Release Date: 14 Jun 2019

This Exposure Draft sets out the Bank’s requirements and expectations on market participants who offer services of electronic trading platforms within the Malaysian wholesale financial markets, specifically money and foreign exchange markets. For illustration, money market instruments refer to products such as negotiable instruments of deposit, bills, bankers acceptance and repurchase agreements. Foreign exchange products include spot, forward, swaps and derivatives thereof of all currency pairs.

Electronic trading platforms covered under this Exposure Draft include multi-bank channels, and excludes single-bank platforms. Specifically – 

  • approved money brokers which operate electronic broking platforms; and
  • other market participants which operate electronic trading platforms, whether or not any form of remuneration, fee, commission or subscription is chargeable.

Eligible platform operators are required to obtain the Bank’s approval prior to offering their services in Malaysia. Platform operators that wish to offer electronic trading services for securities and instruments other than those specified in this Exposure Draft, are required to ascertain and obtain the necessary approvals from relevant authorities where applicable.   

Submission of feedback –

  • The Bank invites written feedback on the proposed policy framework in this Exposure Draft, including suggestions on areas to be clarified and alternative proposals that the Bank should consider. The written feedback should be constructive and supported with clear rationale, including accompanying evidence, empirical analysis or illustrations where appropriate; and
  • In addition to providing general feedback, market participants are requested to respond to specific questions set out throughout this Exposure Draft. 

Responses must be submitted to the Bank by 15 July 2019 to:
 

Pengarah
Jabatan Operasi Pelaburan & Pasaran Kewangan
Bank Negara Malaysia
Jalan Dato' Onn
50480 Kuala Lumpur
Email: fmd@bnm.gov.my

 

See: Framework for Electronic Trading Platforms

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