ICor Brokerage, the online FX options service that is a 50/50 joint venture with Reuters, has commenced operations in North America, giving the platform full global coverage for the first time.
The platform, which is available through Reuters Dealing 3000 platform, launched in Asia earlier this year (Profit & Loss, March 2002) and was rolled out to Europe in June (Profit & Loss, April 2002), and now has 45 participants from those regions. The North American rollout commenced with 16 banks. The company expects another 12 to link up within the next two months. ICor now covers eight currencies, following the recent addition of Nzd/Usd.
Jeff Larsen, CEO of ICor, says, “The North American launch solidifies [our] position as the leading electronic trading platform of choice for FX options worldwide. ICor has always maintained that the market is ready for purely electronic trading – obviously the traders agree. [The] system is fast, efficient and easy to use and our data confirms that traders across the globe are using it in increasing numbers. As word spreads from trader to trader, we are getting more clients, more installations and greater liquidity.”
Thomas Demeo, vice president, global foreign exchange options, Credit Lyonnais, says, “After using the ICor system in Asia and Europe, we were impressed with its ease of use and functionality. We are looking forward to using ICor in New York as well.”
Masao Okada, SVP and global head of forex at Mizuho Corporate Bank, adds, “We are looking forward to trading on ICor and benefiting from the efficiencies it is bringing to the global foreign exchange options market.”
Susan Gammage, executive vice president and managing director of Treasury Services, Reuters, notes, “The joint mission for Reuters and ICor is to deliver upon our customers’ core business requirements – namely reduced brokerage charges, post-trade processing costs and risks.
“We believe that with this product, we are in a leading position to better serve our FX option customers in North America,” she adds.