Sun Hung Kai Financial ramps up FX through Macquarie alliance

Macquarie agrees to buy a minority stake in the FX arm of Hong Kong broker Sun Hung Kai Financial.

Hong Kong's Sun Hung Kai Financial SHKF is upgrading its foreign exchange business through a strategic alliance with Macquarie. Under the agreement, three Macquarie executives will move to the local brokerage to help it scale up its FX business and generally improve its operations to better compete in global markets.

SHKF is a leading player in the local FX market in Hong Kong with a daily FX turnover of roughly $100 million, but it has ambitions to capitalise on the continued growth of international FX markets, which is being driven by the growing popularity of FX as an investment product and the ease with which retail traders can now access FX venues on the internet....

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