Intermarket

What Intermarket does

Intermarket Securities Limited (IMS) is a Karachi-headquartered, SECP-licensed brokerage and PSX TREC Holder founded in 1994, serving retail, institutional, and corporate clients across Pakistan's capital markets. The firm's core product is the IMTrade platform, which provides multi-channel trading access via iOS/Android mobile apps, a web terminal, and a Windows desktop terminal with real-time PSX data, advanced charting, and order-execution capabilities. Beyond the trading platform, IMS operates a Research Portal, a Roshan Digital Account service for non-resident Pakistanis, a Demo Account, and standalone equity research, with a claims-based track record that includes CFA Institute and Asiamoney awards between 2019 and 2022.

The business model is a hybrid of transaction-based brokerage commissions on PSX equity trades, recurring/subscription-style research and advisory revenue, and episodic professional services fees from investment banking mandates (IPO facilitation, M&A, corporate finance). Go-to-market is primarily direct-to-consumer via self-serve digital onboarding (IMTrade, Asaan Connect partnership, online account opening portal) supplemented by an institutional sales team for corporate and high-net-worth clients. The customer base spans a 20,000+ retail long-tail, professional institutional investors, and corporate accounts, all concentrated in a single domestic market (Pakistan) with selective international outreach.

As a publicly listed entity on the Pakistan Stock Exchange (ticker IMS) operating from Karachi, Intermarket sits at the small-to-mid end of the Pakistani brokerage landscape. Its competitive position rests on regulatory licensing, an established 20+ year brand, recognized research quality, and a multi-platform digital trading stack, rather than on scale, AI differentiation, or geographic breadth.

Name

Intermarket

Legal name

Intermarket Securities Limited

Website

https://imsecurities.com.pk

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

51–100 employees

Short description

Intermarket Securities is a Karachi-based, SECP-licensed Pakistani brokerage and PSX TREC Holder operating the IMTrade multi-platform trading system, plus research, investment banking, and retail brokerage services for individual, institutional, and corporate clients.

Ownership category

akta.pro rank

Product category

Stock Brokerage

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Investment Banking and Securities Intermediation (523150), Commodity Contracts Intermediation (52316)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Multi-Asset / Cross-Asset Brokerage (FSAEACAM)

akta.pro secondary industries

Co-Investment Syndication & Allocation Intermediation (FSAEALAH), Equity Index Futures & Options Exchanges (FSAFABAA)

Keywords

• Stock brokerage services
• Equity trading platform
• Investment research
• Portfolio management
• Investment banking

Headquarters

HQ city

Karachi

HQ country

Pakistan

HQ region

Asia

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Brokerage Commissions: Revenue generated from commission fees on equity trades executed through the IMTrade platform for retail and institutional clients on the Pakistan Stock Exchange.
2. Research and Advisory Services: Market research reports, sector analysis, and investment advisory services provided to clients for smarter investment decisions.
3. Investment Banking Services: Corporate finance advisory including IPO support, capital raising, and other investment banking services.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels4 records

Core offering

Intermarket Securities is a SECP-licensed brokerage and TREC Holder of the Pakistan Stock Exchange providing retail and institutional clients with access to PSX trading through the proprietary IMTrade multi-channel trading platform (mobile, web, desktop). The firm also delivers equity research, investment banking advisory (IPO facilitation, capital raising, M&A support), and international brokerage services for non-resident investors via the Roshan Digital Account program.

Product overview

Intermarket Securities offers a unified platform-plus-modules architecture centered on the IMTrade Online Trading Platform, which provides multi-channel access via mobile app (iOS/Android), web trading terminal, and desktop terminal. The core IMTrade platform integrates with a Research Portal offering award-winning equity research, while supplementary modules include Roshan Digital Account (for non-resident Pakistani investors) and Demo Account (for practice trading). Beyond the digital platform, the company provides traditional brokerage services spanning Retail Brokerage, International Sales, and Investment Banking, as well as standalone Equity Research. The product portfolio is designed to serve individual investors, institutions, and corporate clients across the Pakistan Stock Exchange.

Differentiator

Problem solved

Functional benefit

Brands

• IMTrade: Online trading platform providing mobile app, web trading, and desktop terminal services for PSX investments
• EFG

Products and services

• IMTrade Online Trading Platform
• Retail Brokerage
• Equity Research
• Investment Banking
• International Sales
• Roshan Digital Account
• Demo Account
• Research Portal

Quantifiable outcome

• 70% Investment Success Rate
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• CDC (Central Depository Company of Pakistan)coreTechnology or IntegrationCDC provides central depository services essential for trading operations. Intermarket Securities operates as a CDC-linked TREC holder enabling electronic settlement of trades on PSX.
• Pakistan Stock Exchange (PSX)coreTechnology or IntegrationPSX is the primary exchange where Intermarket Securities executes client trades. The firm is a TREC Holder of PSX, enabling direct market access for clients.
• NCCPL (National Clearing Company of Pakistan)coreTechnology or IntegrationNCCPL provides clearing and settlement services for trades executed through Intermarket Securities.
• SECP (Securities and Exchange Commission of Pakistan)coreTechnology or IntegrationSECP is the regulatory body licensing Intermarket Securities as a licensed brokerage firm and TREC holder.
• Asaan ConnectcoreChannel Partner/ Reseller/ DistributorAsaan Connect is a centralized gateway portal enabling simplified digital account opening for Intermarket Securities clients. The firm uses intermediary code KHEPIRGUE2B28 for referrals through this platform.
• Jama PunjiminorGTM or Marketing PartnerJama Punji is Pakistan's investor education platform promoted by SECP; Intermarket Securities participates to enhance investor awareness and credibility.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Taurus Securities: Pakistani brokerage and investment bank offering online trading and equity research; smaller-scale local competitor with overlapping customer base.
• AKD Trade: PSX-registered brokerage providing online trading, research, and investment banking services to retail and institutional clients; competes head-on with IMS in the same channels and segments.
• Elixir Securities: PSX-registered brokerage and investment bank serving retail, institutional, and corporate clients with execution and research; comparable product mix and segments.
• JS Global: Part of the JS Group, offering brokerage, research, and investment banking on PSX; a scaled local competitor with overlapping product set and similar customer profile.
• Foundation Securities: PSX brokerage and corporate finance house serving retail and institutional clients; comparable in product breadth and target market.
• Arif Habib Securities: PSX brokerage arm of the Arif Habib Group, providing retail brokerage, institutional sales, and research; comparable in scale and full-service positioning.
• Topline Securities: One of Pakistan's leading retail and institutional brokerages offering equity execution, research, and investment banking on PSX; directly comparable to IMS in customer segments, products, and exchange focus.
• Alfalah Securities: Affiliate of Bank Alfalah providing online equity brokerage and research on PSX; competing for the same retail and HNW segments with bank-distribution advantages.
• BMA Capital Management: Pakistan-based brokerage and investment bank offering equity brokerage, research, and corporate advisory; directly comparable in IB-plus-brokerage model.
• KTrade (Khadim Ali Shah Bukhari): Established PSX brokerage providing online trading, equity research, and corporate finance; comparable to IMS in service breadth and target segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/intermarket-securities
• Xx.com/imstradeonline

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Intermarket