MidasTrade.com Inc. (Other OTC:MIDS.PK) announces that its subsidiary Midas Securities, LLC is working with the Korea Securities Depository (KSD) to introduce a one stop solution for the trading of Korean equities by international investors.
MidasTrade will provide direct market execution of Korean stock markets (KRX, KOSDAQ) through the MidasTrade Global Direct Access Network (GDAN). KSD will provide clearing and settlement of transactions that they will flip to the trader's own U.S. side custodian. KSD is the central securities depository in Korea and this system will eliminate the need for a designated custodial firm in Korea.
The goal of this centralized system is to simplify the process and costs associated with foreign trading of Korean securities further opening up the Korean markets to the international marketplace. Currently in Korea, foreign transactions are completed offline and done primarily over the phone by large institutional firms. Last year, foreign transactions represented 28% off all stock volume traded on the Korea Stock Exchange and were valued at $22 billion U.S.
Jay Lee, President and CEO of Midas Securities commented "After five years of working together, we are thrilled that KSD has chosen MidasTrade GDAN to integrate with their FIX Order Management System for inbound foreign trading in Korea."
In addition, MidasTrade and KSD are developing a similar system for the American Home Trading System (AHTS) to provide their own one stop execution, clearing and settlement services for the trading of U.S. securities by Korean investors. AHTS is KSD's service allowing Korean investors to trade on the U.S. stock markets (NYSE, Nasdaq, AMEX and ECNs) through their online brokerage account. MidasTrade provides the quotes, data and execution for AHTS through the MidasTrade Global Direct Access Network (GDAN).