CMC Markets PLC (LSE:CMCX) said a regulatory green light had been agreed for the launch of CMC Singapore Invest, while trading for the year to 31 March 2023 was in line with expectations.
While operating income was weaker in December, it has “recovered strongly” in January, the online CFD provider and stockbroker said in a trading statement.
Monthly active clients, assets under management and under administration in both investing and trading businesses “remain stable” since the first half of the year, it added.
As well as regulatory approval in principle by Singapore's financial authorities, other new launches in the third quarter included adding ISAs, ETFs and ESG screens to CMC Invest UK, which was itself launched at the end of the first half.
Singapore would represent a third arm of this segment, building on the group’s initial stockbroking business in Australia.
UK marketing spend for the investment service will be “accelerating over coming months coinciding with delivery of a steady stream of new products and functionality”, said chief executive Lord (Peter) Cruddas.
He said 2023 is “set to be an exciting year for CMC as we continue our growth strategy”, with product expansion, new trading analytics, new pricing functions and improved onboarding initiatives that all “remain on track” across both investing and trading platforms.