Xinhua Global Access (XGA) and Korea Securities Computer Corporation (KSC) are to work together to provide Korean investors with direct online access to the US equity, derivatives and fixed income markets.
Under the agreement, XGA will be responsible for the back-end development of an Application Programming Interface while KSC will deliver front-end online access to the XGA platform. The joint product is projected to be available by June 2004.
XGA was established last year as a joint venture of China's Xinhua Finance and direct access trading technology outfit Global Access. The XGA platform currently provides a window to some 75 exchanges worldwide.
Jae Lie, president of Asia for Xinhua Fiance says: "We plan to offer online trading capabilities to other Asian countries in the future, including China, and the access will be expanded from the United States to other Asian countries."