FX: Newedge gets Korean licence
Newedge, the global exchange-traded products clearer and broker, has become the first foreign company to be granted a full futures licence by the Korea Financial Services Commission. The company is now able to offer all products listed on the Korea Exchange (KRX), which includes currency products.
"This full futures licence enables us to better serve our clients by adding new products to our current offering. Our clients expressed a lot of interest in the three-year KTB future and USD/KRW future. Being the first foreign company in Korea able to offer these products is a great achievement," says Kevin Lee, managing director of Newedge Korea.
Meanwhile, Newedge has appointed Laurent Cunin as its head of the Asia-Pacific region. He is replacing Pierre Gay, who has been named global head of fixed income, currency and commodities. Gay will remain based in Hong Kong at least during the first quarter of 2010 during the transition to Cunin.