Icap, the world’s largest interdealer broker, said its Korean joint venture KIDB-Icap has received final approval from the Ministry of Finance and Economy to launch a new interdealer broking business.KIDB-Icap is fully staffed and has begun operations in the interest rate and foreign exchange derivatives markets, the broker said in a statement.“This is an untapped market that has great potential for rapid development,” said David Gelber, Icap’s director responsible for Asian businesses. “The Korean government has been working since 2003 to create market regulations and a framework for market-driven financial sector structural reform, moving Korea to become a significant North East Asian financial hub.”
Youngsoo Oh, joint chief executive of KIDB-Icap, added: “With the development of Korea’s domestic derivative and capital markets and our connection with the international markets via Icap, KIDB-Icap provides access to liquidity for both the Korean and international banks that are active in these products. We have an opportunity to rapidly build this business as the markets in Korean products evolve and grow.”
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