REFCO Global Holdings, LLC has completed a USD 4.5 million acquisition of HanMag Futures in <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Seoul, Korea. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
The acquisition will be the first joint venture of a Korean futures company with foreign entity. The company will be renamed HanMag REFCO Futures.
The new president of HanMag REFCO, Chi Geun Kim: "This joint venture will produce great synergy with REFCO advanced financial strategy and the strong team spirit of HanMag. With the inclusion of REFCO, HanMag REFCO will be able to expand its financial services to its customers in Korea. HanMag REFCO will be the most advanced futures company in Korea with connectivity for its "Global Trading System" to REFCO's extensive trading network."
Kim also added that HanMag REFCO will also be providing trading in Kospi 200 futures and options, which is scheduled to be transferred from Korean stock Exchange to Korean Futures Exchange in January of 2004.
HanMag Futures was founded in 1991 and became a qualified member out of 12 Futures companies. In June of 2003 HanMag launch and provided the 'Global Trading System' to customers. The system allows trading on overseas exchanges for its Korean customers and at present is the market leader in global market trading in Korea.
Phil Bennett, REFCO Group CEO, said: "The Korean marketplace has emerged as a leader in the application of innovative derivative contracts using accessible, efficient and scaleable technology. REFCO's own global platform provides similar functionality and both REFCO and HanMag customers will benefit from the integration of our two platforms."
Background Note: REFCO Group Ltd., LLC is a diversified financial services organization with operations in 14 countries and an extensive global institutional client base. REFCO Group's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London, Frankfurt, Paris, and Singapore. In addition to its futures brokerage activities, REFCO is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. REFCO also maintains a significant presence in asset management through its Forstmann-Leff and Tilney (U.K.) subsidiaries. REFCO is a clearing member of all principal U.S. and international futures exchanges such as CBOT, CME, LME, LIFFE, NYMEX, SGX etc., and ranks as one of the top global clearing firms.
copyright hedgeweek 2004