Icap has entered into a strategic alliance with Korea Money Brokerage, Korea’s largest interdealer broker, with the aim of further developing electronic spot FX in the country. The alliance will offer increased access to Icap’s EBS platform, initially in G7 currencies.
“This partnership leverages the strengths of Korea Money Brokerage and Icap, both leaders in electronic brokerage, to provide reliable and transparent access to the global FX liquidity pool for local Korean market participants. We believe that this alliance will make a significant contribution to the Korean FX market, accelerating electronic spot FX trading in the region, as well as helping Icap further develop its business in Korea,” says
Mark Monahan, chief executive of Icap Electronic Broking – Asia Pacific.
The Korean FX market is seen as one with rich potential. According to the Bank of Korea, average daily volume in the Korean interbank market was about $20 billion in 2007, a 76% rise on 2006.