Phillip Capital Inc. to Discontinue Retail Forex Offering Due to SEC Notice

"Phillip Capital Inc. (PCI), the Chicago based member of the PhillipCapital Group of Companies ("PhillipCapital Group"), will cease to offer retail forex trading to customers beginning June 1, 2016. This announcement comes in response to a Securities and Exchange Commission ("SEC") release (dated May 20, 2016) prohibiting any SEC broker dealer from offering retail forex to customers effective July 31, 2016.

"The SEC's decision is a big disappointment for us, as we had recently begun the soft launch of our forex offering," said Lynette Lim, Co-CEO & Director of PCI. "With the financial stability and resources of the PhillipCapital Group, we had all the criteria to be a strong player in the forex market, where there has only been a handful of incumbents in the last six years."

Since its launch in 2010, PCI has increased its offerings from clearing futures initially to the addition of retail forex exchange and equities to its lineup of approved asset classes. PCI will continue to focus its efforts on growing its futures and securities business.

PCI is the first U.S. foray for the PhillipCapital Group, which is in 16 countries today. The PhillipCapital Group will continue to offer retail forex trading through its operations in London, Turkey, Hong Kong, Singapore and Australia

The PhillipCapital Group celebrated its 40^th anniversary last year since starting out as a stock broking firm in 1975 in Singapore.

About Phillip Capital Inc.

Established as a Chicago-based futures commission merchant (FCM) in 2010, Phillip Capital Inc. is a member of the Singapore-based PhillipCapital Group with full clearing memberships on eight derivative exchanges including CME Group, CFE, ICE US and NFX in the U.S. and DME in Dubai. Through the PhillipCapital Group, Phillip Capital Inc. offers access to 30 derivative exchanges in Asia, U.S. and Europe.

About the PhillipCapital Group

Since 1975, the PhillipCapital Group network has grown into an integrated Asian financial house with a global presence that offers a full range of quality and innovative services to retail and high net worth individuals, family offices, corporate and institutional customers.

Its comprehensive suite of financial products and services includes broking in securities, futures, foreign exchange, bonds, precious metals and commodities, unit trusts, contracts for difference, exchange traded funds, fund management, managed accounts, insurance planning, regular savings plan, investment research, equity financing and property consultancy. Institutions can also benefit from our corporate finance and advisory services as well as information technology solutions.

With more than 3,500 employees and over 900,000 clients worldwide, its assets under management totals to more thanUSD 24 Billion with shareholders' funds in excess of USD 1.5 Billion.

PhillipCapital Group operates in the financial hubs of 16 countries, including offices in USA, UK, Japan, Hong Kong, Singapore, Malaysia, China, India, Indonesia, Thailand, Cambodia, Sri Lanka, UAE, France, Turkey and Australia.