Man sets up electronic foreign exchange unit

Dec 05, 2005 | 09:38 AM | Sean Barry

Man Financial Inc., New York, said Thursday it had created a new foreign exchange division called Man FX Clear LLC.

The division, which will provide electronic foreign exchange execution along with FX clearing services, is expected to be up and running by mid-December, Man said in a statement.

Man FX Clear will replicate the business model that was successful at New York-based futures brokerage Refco Inc., which London-based Man Group Plc acquired certain assets of last month, it said. Man Financial is the brokerage division of Man Group, one of the world's largest investment brokers.....

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