between Reuters and ICor Brokerage, has launched its foreign exchange options online brokerage service in North America. The service, ICor Brokerage FX Options, provides electronic broking of FX options to the foreign exchange market via the Reuters Dealing 3000 platform, the market leading, conversational trading application.
Sixteen North American banks have gone live with the system and an additional 12 banks are expected to begin trading within the next two months. Trading is currently available in eight currency pairs.
The service was launched in Asia Pacific in January 2002, where ICor has over twenty-five banks actively trading, and in Europe in July 2002, where over twenty banks are currently trading with the system as well. The North American launch is the final phase in ICor's global roll-out.
Thomas Demeo, Vice President Global Foreign Exchange Options, Credit Lyonnais, commented: "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 &Global Head of Forex Group, Mizuho Corporate Bank, added:
"We are looking forward to trading on ICor and benefiting from the efficiencies it is bringing to the global foreign exchange options market."
Jeff Larsen, Chief Executive Officer, ICor Brokerage Ltd, said: "The North
American launch solidifies ICor's 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 ICor Brokerage 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."
Susan Gammage, Executive Vice President and Managing Director of Treasury
Services, Reuters, said: "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--all supported by
industry leading customer service. We believe that with this product, we are
in a leading position to better serve our FX option customers in North