Myanmar vulnerable to illegal trading

 “Previously, the brokers were called ‘invisible traders’. They just looked at numbers sent from abroad on commodities like sugar, coffee and tobacco. On the basis of just this word of mouth, they would ask you to give them your money. Many people lost a lot this way. There is a real lack of knowledge. That is why there is a need to educate the whole nation,” said economist Ngwe Thein.
 By his counting, there are six companies in the country that take commissions for futures trading. The companies have set minimum prices for entering the market to between US$3000 and $10,000 per contract.
 In Myanmar, futures trading is illegal and has no governing laws. Brokerage companies pose as consultancy firms to skirt around the law.
 The economist noted that the public still has no knowledge in such trading and many continue to throw money at the activities.
 “That is why it is crucial that knowledge regarding stock shares be spread nationwide. Foreign groups seeking to cheat the public will appear by droves,” said Ngwe Thein.
 Zaw Min, director of Myanmar Golden Link, a company that provides practical training on gold, currency and stock markets, noted that most of the companies engage themselves in the trading of stocks and other commodities listed in Hong Kong, New Zealand and Indonesia markets.
 “There is one company that says they trade with Singapore, but all of them are operating based on trust,” he said.