Newedge is first foreign broker to get Korean Full Futures License
Newedge, a global leader in multi-asset brokerage and clearing, announced January 6 that its Korea office has been granted a full futures license by the Korea Financial Services Commission. Newedge is the first foreign company out of the 19 foreign companies which applied for the said license to get approval.
With this Full Futures License, Newedge Korea is able to offer all products listed on the Korea Exchange (KRX) including equities and derivatives as of 4 January 2010.
It will add to Newedge Korea’s current offering – cash equity, stock index contracts and stock futures and options – all the KOFEX products listed on the KRX. These include interest rate products, currency products and commodity products. In addition, this full futures license will allow Newedge Korea to offer offshore Futures and Options products to domestic clients.
“This Full Futures License enables us to better serve our clients by adding new products to our current offering. Our clients expressed a lot of interest in the 3-Years KTB Future and USD/KRW Future. Being the first foreign company in Korea able to offer these products is a great achievement. In addition, we expect a strong demand from local clients to trade all the listed futures and options products that Newedge can offer through its global network of 85 memberships”, said Kevin Lee, Managing Director of Newedge Korea.
“The full license on Korea Exchange is an important step to further deepen our presence in one of the 8 countries we cover with our Asian footprint. This is aligned to our long term strategy of providing easier and direct access to foreign institutions investing in Asia, and offering domestic players a reliable access to the outside trading world via our global platform. Being at the cross roads, with local offices in Australia, China, Hong Kong, India, Japan, Korea, Singapore and Taiwan, enables Newedge to be close to exchanges, local regulators and investors needs”, added Pierre Gay, Chief Executive Officer Asia-Pacific.