CFH Clearing today announced that it has selected Bank of America Merrill Lynch (BofA Merrill Lynch) as its new FX prime broker and its primary prime broker as of 1 August 2013.
London-based CFH Clearing, which has over 400 institutional clients in 82 countries, will continue to work with UBS as a prime broker, predominantly for Precious Metals.
BofA Merrill Lynch was selected following a rigorous RFP process. Its strong service model, competitive pricing and speed in which it on-boards were particularly impressive, according to CFH Clearing.
Peter Klein, Global Head of FX Prime Brokerage and FX Clearing at BofA Merrill Lynch remarked, "We are delighted CFH Clearing has selected Bank of America Merrill Lynch as its FX prime broker. This partnership reinforces our position as a leading FX prime brokerage provider, working with clients that have increasingly sophisticated requirements. We are very excited to be working with them."
According to Lars Holst, CEO and Co-Founder of CFH Clearing, ""Our recent name change from CFH Markets to CFH Clearing now reflects our business model as an interbank prime of prime solutions provider. Our new relationship with Bank of America Merrill Lynch, combined with our open and flexible technology, allows us to give the smaller to medium sized institutional customer a full front to back solution with excellent and diverse liquidity."
CFH Clearing rebranded from CFH Markets in June 2013 to more accurately reflect its business operations as an interbank prime of prime solutions provider to small and medium sized institutional clients. With more than 1.5 Billion USD in interbank credit lines, CFH Clearing is one of the largest interbank STP venues in the market.
CFH Clearing connects to all the top tier 1 banks globally either directly or via FXSpotStream, allowing clients to trade with these banks via their prime broker of choice or via a margin account held at CFH Clearing.