Source: Man Group
MidasTrade.com (Other OTC:MIDS.PK) announces that its subsidiary Midas Securities, has entered into a fully disclosed clearing agreement with MFC Global, subsidiary of Man Group, to provide clearing services for trading of U.S. and international futures, commodities and options trading.
The MFC Global provides access to every major exchange-traded interest rate, currency and equity index futures and options contract worldwide.
This agreement will allow Midas Securities, LLC to offer KOSPI data feed and OMS (Order Management Services) to certain trading platforms in the U.S., which is an integral piece for U.S. traders wishing to trade KOSPI. Midas is working with institutions to implement KOSPI algorithm trading systems (also known as "Black Box Trading"). Midas will also provide "Direct Market Access" to the KOSPI market upon implementation. In addition, Midas will host algorithm trading systems for institutional trading firms at its data center in Seoul, Korea. Through the Midas Direct Access Servers, these trading systems will access the KOSPI market without any latency while satisfying Korea FSS (Financial Supervisory Service) regulations.
Jay Lee, President and CEO of Midas Securities, commented on the agreement: "This agreement for clearing services will allow U.S. investors to maintain their accounts in the U.S. while trading KOSPI and other Asian markets. Midas Securities has already begun to open institutional accounts and is looking forward to opening accounts for individual U.S. traders who have requested Direct Market Access to trade KOSPI and Asian markets."