Hedge Funds

Refco starts prime brokerage


In a sign that larger clearing firms are looking for an edge in the once overlooked foreign-exchange prime brokerage arena, futures giant Refco in March inked a deal with forex specialist Currenex to add enhanced-trading capabilities aimed at attracting new clients among the ranks of hedge funds, managed futures trading advisors and institutional investors.

The strategic move is perhaps less than surprising. Once the ugly duckling of the prime-brokerage universe, forex trading and its promise of higher revenues and keeping more client volume in-house has already led UBS and other clearing houses to boost their the size of their