In what must be seen as a victory for old school stock brokers, the Malaysian government yesterday awarded CLSA, CSFB, JPMorgan, Macquarie Securities and UBS the five licenses for international financial firms to set up domestic stock broking businesses.
The news came in a speech from Prime Minister Abdullah Badawi and was later confirmed by the five firms involved and the Malaysian Securities Commission SC.
The 'famous' five were part of a field of 12 firms that are thought to have submitted bids. The not so secret seven, whose applications for licenses were rejected, are reported to be ABN AMRO, BNP Paribas...
