ICor Brokerage Ltd, the 50/50 joint venture between Reuters and ICor Brokerage, announced the launch of its online brokerage service for FX Options in Asia-Pacific. The service, ICor Brokerage FX Options, provides electronic broking of FX Options to the foreign exchange market via the Reuters Dealing 3000 platform.
The first currency pair to go live on this electronic broking service is AUD/USD. This will be followed by USD/JPY, EUR/JPY and six additional currency pairs over the course of 2002. The service has gone live across Asia-Pacific at 14 banks with six additional Asian banks due to go live with the new system in February 2002.
Commenting on the new service Denis Copin, Director, Societe Generale said: “The ICor system appears to be very user-friendly and will probably be one of the most important electronic derivatives systems of the future”. Dominic Yip, Director – Global FX Options, WestLB, added “I found the system easy to use. I especially liked the direct chat function where I can talk to specific bids or offers depending on my interest”.
ICor is working with Reuters on finalising a straight-through processing system for their customers which will be available later in the year.
The Asian launch is the first in a planned global roll-out which will extend to Europe and North America later this year. The company also plans to extend its services to incorporate the interest rate derivative market, adding interest rate swap and interest rate options broking during the third quarter 2002.
The launch follows the successful beta programme, which took place with 14 key banks in 2001 across the main financial centres of the Asia-Pacific region.
Jeff Larsen, Chief Executive Officer, ICor Brokerage Ltd, said: “Following our alliance with Reuters in September last year, we have been working closely with our customers to develop a comprehensive and intuitive FX options broking service for the Dealing 3000 community. The Asia-Pacific launch is an important milestone in our global roll-out. In an area of massive regional distances and multiple languages, electronic trading is a natural and essential advance, and the Asia-Pacific banks are particularly receptive to online trading. This is why we have chosen Asia-Pacific as the first stage and we have been very pleased with the beta programme feedback. It confirms that we are listening to our customers and providing the best electronic FX options broking service for their needs.”