Well, the BMD has grand plans to impose a quota of 1000 contracts per month in order for locals to qualify for scratch trades. BMD Chairman Tajuddin Atan is the smart guy who put the plan in place
But there is a sweetener, anyone can trade as a local, that means:
1 registering a business (sole proprietor)
2 The business is trading futures/options on BMD
3 Income tax is payable o the trading profits (IF ANY)
4 Trading will be a low commission rates, RM2.50 and RM3.50 for day trades (cpo and fkli respectively) Trades done at same price (buy and sell) are scratch with no commissio payable.
5 From Jan 3, new locals registering will have 3 months to trade without having to meet the 1,000 contract quota to ualify fror the commission/scratch icentives above.
3 months.... all active traders should try it out, just try it for 3 months. Why trade actively at the high commission rates currently. After 3 monts if not successful at churning 1k contracts per month, then can go back to the old account....
For those who do not want to be housed at the broker's office, online access is available either through jtrader or N2N platform. You can trade from anywhere with an internet access.
I recommend one firm with a local friendly environment, Okachi Malaysia Sdn Bhd, call up Mr Chai, the General Manager.603 - 2172
Labels: commodities, fcpo, fkli, index futures