Midas will provide execution and clearing, as well as back office systems for global futures companies based in Korea. In turn Korean institutions will, through the Midas Global Direct Access Network, have direct access to futures and commodities including security futures via Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, Comex, Eurex and London Metal Exchange.
Jay Lee, President and CEO of Midas Securities commented on the agreement, This expansion into the futures markets is a direct result of being approached by a number of Korean institutions looking for direct access to the worldwide derivatives markets.
He continued, Koreans are by far the most active traders of these products in the world and their migration to international exchanges will most definitely play a significant role in the global futures marketplace.
