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Stocks

Japan's Daiwa among first to gain Myanmar securities license

YANGON -- Myanmar's financial authorities have decided to grant securities licenses to about 10 companies, including a local Daiwa Securities Group affiliate, as the Southeast Asian nation gets ready to open its stock market in December.

     Local financial institution Ayeyarwady Bank Group made the cut, as did Myanmar Stock Exchange Center, a joint venture between the Daiwa Institute of Research and Myanmar Economic Bank.

     After meeting the capital requirements set by Myanmar's securities and exchange commission, the companies will be permitted to underwrite stock offerings, handle sales and engage in proprietary trading and financial advising.

     In January, the Myanmar government began soliciting companies seeking licenses to operate on the exchange, attracting about 20 companies including major Japanese financial institutions. With the bourse's opening, businesses will become able to raise a large amount of funds through listing.

     In the spring of 2012, Myanmar agreed with Daiwa Institute and the Tokyo Stock Exchange, now part of the Japan Exchange Group, to jointly establish the exchange, to be known as the YSX.

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