BYFX HK Co., Limited, a provider of institutional Liquidity solutions and foreign exchange (Forex ) trading, announced on Monday that it has signed an ISDA Master Agreement with multinational investment bank Barclays PLC.
An ISDA (International Swaps and Derivatives Association) Master Agreement is the most commonly used master service agreement internationally for over-the-counter (OTC) derivatives transactions.
As per the agreement between BYFX HK and Barclays, the two firms can now enter into forex transactions. This means the Hong Kong-based company will have access to the liquidity of interbank players, using Barclays as one of its forex brokers.
According to Monday's statement, BYFX HK expects that the agreement will allow its clients to trade more efficiently, especially in regards to spot FX trading. Furthermore, thanks to the agreement, the company believes its position in the forex market will be elevated.
Commenting on the partnership, the CEO of BYFX HK, Zhu Zhen said: "I strongly believe that BYFX HK's entering into an ISDA Master Agreement with Barclays will improve the liquidity and pricing for our clients. We are excited to launch more FX products in the future.”
About BYFX HK
BYFX HK is a subsidiary of SBI Holdings, a Japanese financial service giant. SBI Holdings is part of SBI Group, which has more than 230 companies around the world. BYFX HK company provides liquidity and spot FX trading solutions for institutional clients. The firm is based in Hong Kong and is authorized and regulated by the Hong Kong Securities and Futures Commission.
At the beginning of 2017, Finance Magnates reported that BYFX HK joined forces with Seabury Global Markets LLC (SGM), a subsidiary of Seabury Capital. The partnership was established to allow BYFX to rapidly extend its innovation and market focus into the Asian marketplace.
Earlier this year in July, SBI Virtual Currencies, part of SBI Holdings, announced the launch of its new cryptocurrency exchange, VCTRADE. The exchange is the world’s first bank-backed cryptocurrency exchange.
