City Credit Capital, a London based online multi-asset trading specialist, has formed a new partnership with Argentina Clearing and Rosario Futures Exchange (ROFEX).
ROFEX was founded in 1909 and is a leading market for futures and options in Argentina. According to the 2017 annual raking from the Futures Industry Association (FIA) ROFEX is positioned in 23rd place worldwide and is the second largest in Latin America.
Argentina Clearing was authorised in June 2002 by the National Securities Commission to act as the Clearinghouse for Futures and Options and, since November 2002, it has become ROFEX´s CCP.
The partnership, expected to launch in March 2018, will allow ROFEX agents to have a seamless experience trading City Credit Capital´s award winning trading platforms on a number of OTC instruments, FX and CFD´s.
Agents of ROFEX will benefit directly from City Credit Capital´s multi-asset capabilities – through access to global markets from one single account and, in a significant new step, these trades will be registered locally by ACSA, helping to fulfil the new requirement under Argentinian regulation.
Andrew Braine, Director of Latin America, says: “We are delighted to work alongside Argentina´s largest futures markets, ROFEX, and Argentina Clearing. We consider Argentina a very important market and this prestigious partnership shows our commitment to building a long term business in the country, providing quality trading services in a range of international markets, with local trade registrations via Argentina Clearing.”
“The G20 promotes the operation of OTC products in standardised platforms and their registration and clearing in Trade Repositories and CCPs. In Argentina, the capital market law obliges local Brokers to register their OTC operations in authorized Exchanges. With this solution, brokers will be able to view their OTC derivatives operations together with their local futures and options portfolio” commented Leila Utera, Risk Manager at Argentina Clearing.
“We are pleased to offer a new service for our Brokers that will allow them to register their financial OTC transactions in a local registry entity such as ROFEX. The service is complemented with the existing ones for registering OTC transactions on agricultural, climate and energy derivatives,” said Ismael Caram, ROFEX’s deputy general manager .
