Merger to create largest Taiwanese futures brokerage

17 Mar 2003

Refco Taiwan and Polaris Futures are to merge, creating the largest futures brokerage firm in Taiwan, with a 16.7% market share.

According to Taiwan Futures Exchange statistics, current leader Yuanta Core Pacific achieved a 12.2% market share of futures and options business transacted in January and February this year.

Refco Taiwan and Polaris...

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“A lot of banks have spent a lot of money calculating the cheapest way to collateralise their positions, and they’ve hired some very bright mathematicians to do it. Why would they gamble all of that by using the cheapest clearing house?”

Senior rates players believe fears of a race to the bottom among clearing houses has been overstated.