GL TRADE has teamed up with LG FUTURES to enable clients to trade on KOFEX, the Korean Futures Exchange, through GL NET. In addition to The Tokyo Stock Exchange, TIFFE, Osaka, KOSPI, HKFE, SGX-DT and SFE, KOFEX is the eighth derivatives market across Asia to be powered by GL NET.
Created in 1999 and fully electronic, KOFEX now trades an average of 50,000 contracts traded daily, chiefly in Korean Treasury Bond Futures, KOSDAQ 50 Futures and US Dollar Futures. While KOFEX’s membership is dominated by local brokers, there has been a gradual increase over the last two years from overseas investors. Statistics show that they are now participating in a tenth of the transactions.
It s to meet this growing foreign demand for access to KOFEX that GL TRADE and LG FUTURES have formed an IT project whereby overseas clients can execute trades being processed by LG FUTURES through the GL NET network, Overseas clients can now trade either via an Internet platform, a GL TRADE terminal running on a leased line or an API.
“GL TRADE has always been an active player in the Korean market due to the high volumes traded on the KOSPI market. A network Hub was opened in Seoul, serviced by powerful lines across the Pacific. KOFEX was the next natural move because of growing interest from overseas investors. We are delighted to introduce this new market through our partnership with LG FUTURES, a well established and major player on KOFEX,” says Jean-Pierre Baron, managing director of GL TRADE in Asia.
“Electronic trading is not new to LG FUTURES because we are experienced in serving online retail investors. Yet demand has increased from our overseas clients to execute electronically, hence our partnership with GL TRADE to deploy an efficient model. We expect more volume from this new trading route which is powered by GL TRADE technology and serviced by a professional team,” adds Bok-Jo Sohn, CEO of LG FUTURES.