Transmarket to open in Singapore

12 Jun 2006

Transmarket Group (TMG) has taken over Refco Trading Services (Refco TS)'s trading arcade in Singapore and will formally launch a proprietary trading operation next month.Mike Donahue, head of proprietary trading for TMG in Sydney and Singapore, told FO Week that the former 103 seat Refco TS arcade has been...

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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.