Midas Securities and KSD to deliver DMA trading between Korea and US
16 June 2006 | 2353 views | 0
MidasTrade.com Inc. (Other OTC:MIDS.PK) announces that its subsidiary Midas Securities, LLC and the Korea Securities Depository (KSD) will launch a one stop solution for online trading of U.S. equities by Korean investors through KSD's American Home Trading System (AHTS).
AHTS is KSD's service allowing Korean investors to trade on the U.S. stock markets (NYSE, Nasdaq, AMEX and ECNs) by way of their online brokerage account. MidasTrade provides the quotes, data and execution for AHTS through the MidasTrade Global Direct Access Network (GDAN). MidasTrade will also provide clearing and settlement for all transactions executed through the AHTS, streamlining the process by way of this new integrated clearing and settlement infrastructure.
On April 26, 2006 MidasTrade announced that it was partnering with KSD to develop a one stop system for inbound trading of Korean stock markets (KRX, KOSDAQ). The outbound service of this program, announced today completes the two way network of direct market access trading between Korea and the U.S. By providing a centralized system through KSD, MidasTrade is able to greatly simplify the costs and time associated with setting up these accounts for brokerage firms and their customers.
Jay Lee, President of MidasTrade commented, "We are confident that we are now finally able facilitate the order flow we always anticipated would be generated once a simple solution for direct market access trading between Korea and the U.S. was available. By providing execution, settlement and clearing for KSD, we eliminate the problems some of our customers have encountered in setting up these services."
In addition, MidasTrade announces that it has begun interviewing SEC approved auditors for the purposes of meeting filing requirements of the SEC by year end.