NEW YORK, Sept. 20 /PRNewswire/ — Refco Group Ltd., LLC, a world leader in providing risk management and investment services, announced today that Refco Forex Limited has signed a memorandum of understanding with Hantec Investment Holdings Limited, whose shares are listed on The Stock Exchange of Hong Kong Limited. The financial terms of the transaction were not disclosed; however, the deal, which is subject to a definitive agreement and other approvals, contemplates Refco providing Hantec with use of the RefcoFX Trader system for its Asian client base.
Refco is one of the largest global execution and clearing firms for derivatives as well as a provider of prime brokerage services in the fixed income and foreign exchange markets. The RefcoFX Trader system is used by thousands of global clients and has become a leading trading platform in the retail foreign exchange market.
Hantec Investment Holdings Limited provides leveraged foreign trading services in Hong Kong, including spot and forward foreign exchange dealing and over-the-counter foreign currency option trading in major freely convertible currencies. Hantec also provides securities broking, commodities and futures broking, corporate advisory, asset management, and other related services.
Phillip R. Bennett, President and Chief Executive Officer of Refco Group Ltd., LLC, said, “Our proposed arrangement with Hantec is indicative of our continuing commitment to China and the Asian marketplace in general. We believe that the opportunity for accelerated growth among customers in the region is great, and we intend to be a major participant in this market. Hantec has established a substantial foothold in Hong Kong and mainland China and we are delighted that Refco will partner with Hantec to capitalize on the growth potential.”
In addition to the RefcoFX Trader system, Hantec will consider offering other products and services in the Refco suite; including futures and equity-based trading platforms.
Y. L. Tang, Founder and Chairman of Hantec Investment Holdings Limited, said, “We are extremely happy to have Refco as a major shareholder in Hantec. This transaction constitutes the beginning of a partnership that, we believe, will be long lasting and mutually beneficial. The breadth and depth of Refco’s products and services is outstanding and will surely be attractive to our existing clients and prospects. We share Refco’s vision about the growth potential of our marketplace and are delighted to a have a global firm of Refco’s stature as our partner.”
About Refco Group Ltd., LLC
Refco Group Ltd., LLC ( www.refco.com ) is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco Group’s worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London, Frankfurt, Paris and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives.