MICROmega to continue GFI partnership
MICROmega has announced that its subsidiary company MICROmega Securities has entered into a joint venture with GFI effective from 1 April 2013.
The joint venture will incorporate and operate GFI´s electronic trading platforms: ForexMatch and CreditMatch.
These platforms display foreign exchange, fixed income derivatives and bond prices on screen.
“For the past thirteen years we have had a trade and co-operation agreement with Tullett Prebon plc that gave our South African operation access, albeit on a restricted basis, to international markets to service our local client base” said Joe Vercueil, MD of MICROmega Securities.
He said that agreement ended on the 31st March 2013.
“Our new agreement with GFI will materially enhance our service delivery platform in both South Africa and the international markets through our collective approach to leveraging our joint service offering.”
“We believe this will ensure that we are far better placed to provide improved liquidity and better price discovery for our clients,” Vercueil said.
The group recently published its year-end results to 31 December 2012 with the following highlights:
- Operating profit increased by 37% to R14 million (2011: R10 million)
- Headline earnings per share increased by 59% to 32.58 cents per share (2011: 20.50 cents per share)
- Earnings per share increased by 70.43% to 12.39 cents per share (2011: 7.27 cents per share)
- Net tangible asset value per share attributable to ordinary shareholders increased by 12% to 260 cents (2011: 233 cents)
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