Malaysia Structured Warrants
Bursa Malaysia lists structured warrants over blue-chip single stocks and indices, issued by eight licensed issuers including Macquarie, RHB, Kenanga, CIMB, Maybank IB, and Affin Hwang. The structured warrants Malaysia market spans call and put warrant Malaysia offerings across banks, plantation, and telco names.
- 8
- licensed issuers
- 100
- units per board lot
- T+2
- settlement cycle
- 3m–5y
- maturities at listing
- RM0.005+
- typical price per unit
competing on Bursa Malaysia
same as ordinary shares
via a normal CDS account
European-style, cash-settled
low absolute entry cost
Underlyings in Malaysia
Sunway Berhad
Sunway Berhad is a Malaysian conglomerate spanning property development, construction, healthcare and education. That mix makes it one of the more cyclical single-stock warrant underlyings on Bursa — earnings swing with the property and construction cycle rather than moving in step with the broad index.
Malayan Banking Berhad (Maybank)
Maybank is Malaysia's largest bank by market capitalisation and one of the most heavily weighted constituents of the FBM KLCI. Its size and liquidity make it a standing warrant underlying, and its relative stability gives its warrants a different character from those on smaller, more volatile names.
Public Bank Berhad
Public Bank is one of Malaysia's largest banks and historically one of the lower-beta names on Bursa, with a long record of consistent dividends and heavy institutional and retail ownership. Warrants over it behave accordingly — steadier, cheaper in time value, and more dependent on getting direction right.
Tenaga Nasional Berhad
Tenaga Nasional is Malaysia's national electricity utility and a core FBM KLCI constituent. As a regulated utility its earnings are driven by the regulatory framework and fuel cost pass-through rather than by consumer demand swings, which gives its warrants an unusual profile: quiet for long stretches, then repriced sharply around a regulatory decision.
Top Glove Corporation Berhad
Top Glove Corporation Berhad, one of the world's largest rubber glove manufacturers, is a popular single-stock structured warrants underlying on Bursa Malaysia — topglove warrant listings attract active retail interest due to the stock's historically high volatility and name recognition.
Genting Berhad
Genting Berhad, the multinational conglomerate behind Genting Highlands and Resorts World, is a regularly issued single-stock structured warrants underlying on Bursa Malaysia — genting warrant listings offer leveraged exposure to the leisure, hospitality, and plantations group.
Petronas Dagangan Berhad
Petronas Dagangan Berhad (PetDag), the downstream retail arm of the national oil company PETRONAS, is a blue-chip structured warrants underlying on Bursa Malaysia — petronas warrant listings provide leveraged exposure to Malaysia's dominant fuel retail and lubricants business.
IHH Healthcare Berhad
IHH Healthcare is one of the world's largest listed private healthcare groups, operating hospital networks across Asia including Parkway Pantai and Gleneagles. It is a top-tier Bursa constituent, and its warrants offer leveraged exposure to a defensive sector that behaves quite differently from the banks and utilities that dominate the index.
CIMB Group Holdings Berhad
CIMB Group Holdings Berhad, one of ASEAN's largest universal banking groups, is a popular structured warrants underlying on Bursa Malaysia — cimb warrant listings should not be confused with CIMB the warrant issuer, which is a separate role within the same banking group.
Issuers active in Malaysia
Issuer price matrices
Each issuer publishes a live price matrix showing real-time indicative prices for all their listed warrants.
Macquarie
Macquarie Live Matrix
RHB
RHB Warrant Matrix
Kenanga
Naga Warrants Matrix
CIMB
Warrant search and pricing tools (no live matrix published)
Maybank Investment Bank
Maybank IB Live Matrix
CLSA
CLSA Price Matrix
Affin Hwang
Affin Hwang Price Matrix (PDF)
AmBank
AmBank Price Matrix (PDF)
Curated Malaysia warrant listings
| Underlying | Issuer | Type | Moneyness | Strike | Break-even | Eff. gearing | Premium | Expiry | Listing |
|---|---|---|---|---|---|---|---|---|---|
| Sunway BerhadMalaysia · SUNW-CA | Macquarie | call warrant | OTM | MYR 4.2 | MYR 4.53 | 5.8× | 2.1% | 15 Jan 2027154d left | View live ↗ |
| Sunway BerhadMalaysia · SUNW-PA | RHB | put warrant | OTM | MYR 3.6 | MYR 3.36 | 5.0× | 1.5% | 15 Jan 2027154d left | View live ↗ |
| Malayan Banking Berhad (Maybank)Malaysia · MAYB-CA | Macquarie | call warrant | OTM | MYR 10.5 | MYR 10.97 | 8.6× | 1.0% | 18 Dec 2026126d left | View live ↗ |
| Malayan Banking Berhad (Maybank)Malaysia · MAYB-PA | Kenanga | put warrant | OTM | MYR 9.2 | MYR 8.80 | 7.5× | 0.8% | 18 Dec 2026126d left | View live ↗ |
| Public Bank BerhadMalaysia · PBBANK-CA | RHB | call warrant | OTM | MYR 4.5 | MYR 4.80 | 7.0× | 1.7% | 26 Feb 2027196d left | View live ↗ |
| Public Bank BerhadMalaysia · PBBANK-PA | Kenanga | put warrant | OTM | MYR 3.9 | MYR 3.74 | 7.0× | 0.9% | 26 Feb 2027196d left | View live ↗ |
| Tenaga Nasional BerhadMalaysia · TENAGA-CA | Macquarie | call warrant | OTM | MYR 15 | MYR 15.62 | 9.2× | 0.9% | 27 Nov 2026105d left | View live ↗ |
| Tenaga Nasional BerhadMalaysia · TENAGA-PA | CIMB | put warrant | OTM | MYR 13 | MYR 12.53 | 8.3× | 0.7% | 27 Nov 2026105d left | View live ↗ |
Curated snapshot for education only — not live pricing. Moneyness, break-even, effective gearing, and premium are Black-Scholes model estimates over each row's snapshot reference price (rate 3%, per-row sample IV) and will differ from live market values. Click "View live ↗" for the issuer/exchange's authoritative listing.
How structured warrants work on Bursa Malaysia
Structured warrants on Bursa Malaysia are regulated by the Securities Commission Malaysia and issued by licensed banks and brokers — currently eight licensed issuers including Macquarie, RHB, Kenanga, CIMB, Maybank IB, CLSA, Affin Hwang, and AmBank — rather than by the underlying company. Each is listed on the Main Market alongside ordinary shares, trades in the same board lot size as regular equities (100 units), and is bought and sold through a normal CDS trading account with any Bursa-registered broker — no separate derivatives account is required, which is one reason structured warrants Malaysia volumes have grown to become one of the exchange's most actively traded product categories.
Reading a Malaysia warrant's name and code
A Bursa-listed warrant Malaysia ticker typically encodes three things: the underlying's short name, whether it's a call (C) or put (P), and a sequence number distinguishing it from other warrants the same issuer has listed over the same underlying (issuers frequently list several strikes and expiries over a popular name like Maybank or Tenaga at once). The exact prefix and suffix conventions vary slightly by issuer, so always cross-check the ticker against the issuer's own term sheet or Bursa's listing document before trading — the strike price, expiry date, and entitlement/conversion ratio that actually determine payoff live there, not in the ticker alone.
Trading hours, settlement, and expiry
Bursa Malaysia's structured warrants trade during the exchange's normal Main Market sessions (pre-opening, morning session, and afternoon session), Monday to Friday excluding market holidays. Structured warrants Malaysia listings are almost always European-style — exercisable only at expiry, not any time before — and cash-settled: on the maturity date, in-the-money warrants automatically pay out the difference between the underlying's settlement price and the strike, divided by the entitlement/conversion ratio, credited straight to the holder's account with no exercise notice needed. Maturities on Bursa typically range from about 3 months to 5 years at initial listing, so time decay (see the glossary) accelerates as that date approaches.
The issuer landscape
Eight licensed issuers — Macquarie, RHB, Kenanga, CIMB, Maybank IB, CLSA, Affin Hwang, and AmBank — are active on Bursa today, each running their own live warrant search tools and investor education pages (linked above and from each issuer page on this site). Because every issuer prices and lists warrants independently over the same underlyings, the same stock can have multiple competing Bursa warrant listings at different strikes, expiries, and effective gearing at any given time — comparing across issuers, not just picking the first result, is part of choosing a warrant that fits a trading view.
Why structured warrants are popular in Malaysia
Structured warrants are one of the most actively traded product categories on Bursa Malaysia by number of trades. Their popularity stems from several factors: no need for a separate derivatives account (unlike futures or options in other markets), low absolute cost per unit (making them accessible to retail traders), built-in leverage with a defined maximum loss (the premium paid), and a growing range of underlyings offered by competing issuers. The competitive multi-issuer model — where eight licensed issuers each list their own warrants over the same popular stocks — also benefits traders by narrowing spreads and expanding strike/expiry choices.
Structured warrants vs other leveraged products in Malaysia
On Bursa Malaysia, structured warrants are the primary retail leveraged derivative product. Unlike futures (which require a separate derivatives account and carry margin obligations), or CFDs (which are not listed on Bursa), structured warrants trade like regular shares through a CDS account with no margin calls — the maximum loss is always limited to the premium paid. For traders seeking leveraged exposure to Malaysian blue chips or cross-border indices like the HSI, structured warrants are typically the most accessible and liquid option available on Bursa.
Frequently asked questions
What are structured warrants in Malaysia?
Structured warrants in Malaysia are exchange-listed derivatives issued by licensed financial institutions (Macquarie, RHB, Kenanga, CIMB, Maybank IB, CLSA, Affin Hwang, and AmBank) on Bursa Malaysia, giving holders leveraged exposure to underlying stocks like Maybank, Sunway, and Tenaga Nasional, or indices like the HSI. They are cash-settled at maturity and regulated by the Securities Commission Malaysia.
How do I buy structured warrants on Bursa Malaysia?
You buy structured warrants through an ordinary CDS trading account with any Bursa-registered broker — the same account used for buying regular shares. No separate derivatives account or margin facility is needed. Warrants trade in the same 100-unit board lot as equities.
What is the minimum investment for warrant trading in Malaysia?
There is no regulatory minimum. Warrant prices on Bursa typically range from RM0.005 to over RM1.00 per unit, with a board lot of 100 units. A single lot of a RM0.10 warrant costs RM10 plus brokerage commission.
Are structured warrants regulated in Malaysia?
Yes — structured warrants on Bursa Malaysia are regulated by the Securities Commission Malaysia (SC). Issuers must be licensed, and all listings comply with SC advertising rules including required disclaimers and restrictions on performance claims.
What is the difference between a company warrant and a structured warrant in Malaysia?
Company warrants are issued by the company itself (often with a rights issue), and exercising them creates new shares, diluting existing shareholders. Structured warrants are issued by a third-party bank over existing listed shares or indices, cash-settled with no dilution.
What happens when a Malaysia warrant expires?
At expiry, in-the-money structured warrants are automatically cash-settled — the difference between the underlying's settlement price and the strike (adjusted for the conversion ratio) is credited to the holder's account. Out-of-the-money warrants expire worthless with the loss capped at the premium paid.
Learn more
What Are Structured Warrants?
Complete guide to how structured warrants work
How to Pick a Warrant
Step-by-step warrant selection guide
Trading for Beginners
Getting started with warrants in Malaysia
Risks of Trading Warrants
Time decay, leverage, issuer, and liquidity risks
Glossary
Gearing, delta, premium, and every key term
Pricing Calculator
Free Black-Scholes warrant pricing tool
See the full structured warrants screener or learn what structured warrants are.