Icap (IAP.L), the world's premier interdealer broker, and Korea Money Brokerage Corp., Korea's largest interdealer broker, announced on Thursday that they have formed a strategic alliance to further develop electronic spot foreign exchange trading in Korea.
The strategic alliance will offer increased access to ICAP's spot FX electronic trading platform EBS, initially in G7 currencies, and enable ICAP and Korea Money Brokerage Corp. to leverage their two networks and offer joint marketing activities.
Mark Monahan, CEO, ICAP Electronic Broking - Asia Pacific, said "This partnership leverages the strengths of Korea Money Brokerage Corp. 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."
Byoungil Kim, President & CEO, Korea Money Brokerage Corp., said "The alliance of ICAP and Korea Money Brokerage Corp. will support the development of currency trading in Korea and offer Korean traders additional transparency, reliability and liquidity from a diverse group of global counterparties. It will also contribute to strengthening KMB's competitiveness in the market
The FX market in Korea has been growing rapidly in recent years. According to the Bank of Korea, average daily FX transaction volume in the Korean interbank market was approximately USD $20 billion in 2007, up 76 percent on 2006.