Source: Nyse Technologies
NYSE Technologies, the commercial technology division of NYSE Euronext (NYX) and KOSCOM, the technology firm created by the Korean Ministry of Finance and Korea Exchange, have signed a Global Trading Hub Connectivity Agreement. The agreement will empower local traders and strengthen the Memorandum of Understanding (MOU) signed by both organizations in March 2012.
In partnership with KOSCOM, NYSE Technologies has agreed to cross-connect its 1,300 member MarketplaceTM trading community to KOSCOM's STP Hub of 130 key Korean firms. This linkage provides customers of both KOSCOM and NYSE Technologies with cost-effective, streamlined FIX connectivity which facilitates cross-border trading and enhanced client access to available liquidity venues.
NYSE Technologies and KOSCOM will continue to identify additional value-added opportunities based on complementary products and expertise. Other initiatives could range from facilitating the provision of market data services which support bi-directional international capital market investments; or partnering in the creation of innovative solutions in preparation of changes and fragmentation in the Korean market.
"This agreement reinforces the cooperation program between NYSE Technologies and KOSCOM to promote international capital market flows premised on joint technology solutions," said Daniel Burgin, Head of NYSE Technologies Asia Pacific. "The seamless linkage of our MarketplaceTM community network in collaboration with Koscom's STP FIX network represents an important next step towards creating a powerful joint offering for the Korean market, the Asia Pacific region and the global capital markets community."
"We anticipate that this joint business initiative will provide diverse trading opportunities of global financial products to domestic traders. KOSCOM aims to enhance its global competitiveness and attract capital markets flow into Korea through this agreement that emphazises our long-term cooperative action with NYSE Technologies. It is a proactive response to our country's deregulation measures." said InSoo Kim, Deputy President of KOSCOM.