FX Brokers Suffer Profits Setback Despite Booming Singapore Market

BROKERS

Profits of leading foreign exchange brokers operating out of Singapore plunged last year, despite a booming forex market which witnessed daily average turnover of $85 billion, sources say.

Some of the brokers, including leading international firms such as Prebon Yamane, Astley & Pearce and Marshalls, blame the cut on tighter brokerage fees as firms scramble for business. From a high of S$85 per $1 million dealt, fees were slashed to S$55, sources say, adding that a buyer's market has resulted