Korean FCM Woori Futures has launched an access hub in
Chicago providing a pipeline for US firms to Korean Futures
Exchange (Kofex). Kofex offers Kospi 200 options - the
most highly traded contract in the world.
Woori, which changed its name from LG Futures in April,
began offering order routing and clearing to US firms earlier
this month. Woori's approach has been unique because exchanges
rather than firms offer local access connectivity.
This arrangement could be very lucrative for Woori and US
firms who see a strong appetite from US and offshore customers
for Kospi 200 options, which traded 2.5tr contracts in 2004.
Most non-Korean based firms have been shut out of the Korean
derivatives markets because of regulatory constraints. However,
access through Korean firms such as Woori has started to give
firms an entry into the market.
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