MidasTrade.com Inc. (Other OTC:MIDS.PK) announces that its subsidiary Midas Securities, LLC has selected The Fimat Group to provide clearing services for the company's outbound trading of international futures and commodities trading by Korean firms.
The Fimat Group provides access to every major exchange-traded interest rate, currency and equity index futures and options contract worldwide, at competitive rates. In addition, MidasTrade will clear through a selection of other firms that provide futures clearing services, as required.
MidasTrade will provide execution and clearing, as well as back office systems for global futures companies based in Korea, Korean futures companies and Korean securities firms through the company's California and Korean service bureaus. Korean institutions will, through the MidasTrade Global Direct Access Network (GDAN), have direct access of futures and commodities including security futures via Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, Comex, Eurex and London Metal Exchange.
Jay Lee, President and CEO of Midas Securities commented on the agreement, "While this agreement for clearing services is not an exclusive arrangement, the rates Fimat are offering are very competitive and allow us to offer our direct access services in Korea at the lowest prices possible."