Refco launches web prime brokerage using Currenex

Refco has offered an offline prime brokerage service, called FX Clear, since 1999, but had run into a number of issues common to the industry, said Gary Weiss, president of Refco F/X Associates in Chicago. "Previously our prime brokerage service was primarily a manual, phone-based process," he said. "The online model offers greater and more efficient access to multiple counterparties and provides straight-through processing." The new system -- white labelled from multi-bank FX portal

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