Page 56 - CMP3

Diagram 5
POTENTIAL FOR DIVERSIFICATION AND COMPETITION IN THE MALAYSIAN INTERMEDIATION LANDSCAPE (ILLUSTRATIVE)
Key considerations
• Need for unbiased research
• Creating level playing field for
possible independent research entrants
• Cheaper corporate advisory and greater value-for-money for issuers
• Increasing variety of investor advisory – greater accessibility, affordability and quality
• Building private markets and surrounding ecosystem for pre-IPO / unlisted space
• Growing alternative fundraising space for early-stage fundraising
• Rise of execution-only brokers
• Growth of algo-based solutions
• Allowance of third-party clearing
• Multi-asset clearing utility
• OTC clearing utility
* Present in the Malaysian market today.
Source: SC.
Research
Advisory
Fundraising
Secondary market
Potential new intermediary models
• Online research marketplaces
• Crowdsource research
• Direct corporate access
• Mirror/Social trading
• Robo-advisory*
• Discretionary trading*
• AI Trading
• Alternative fundraising*
• Syndicate funding
• Market makers*
• High-frequency traders*
• Algo-based execution providers*
• Retail algo-providers
• Multi-asset class brokers
• Third-party clearing house
• Clearing utilities for other asset
classes
Clearing & Settlement
54 SECURITIES COMMISSION MALAYSIA