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Local brokerage Celestial Asia Securities Holdings (CASH) has won an exclusive five-year licence from Credit Lyonnais to operate and promote the French bank's Internet platform for foreign exchange trading.

 Subsidiaries of the two firms - CL Markets.com and CASH on-line - announced yesterday they would team up to offer the service to the Greater China region and Malaysia.

 Under the partnership, CASH will be responsible for receiving regional on-line forex orders placed through the platform and then routing them to Credit Lyonnais, which will act as a primary market-maker.

 'Through our relationship, we plan to extend and reach potential Chinese and Asian clients,' said Olivier de Conihout, chairman of CL Markets.com.

 Hong Kong would be the third market launch for the service after Denmark and the United States, he said.

 'In Denmark, we are already doing [volume of about] several hundred millions of dollars,' Credit Lyonnais' on-line capital markets products head Xavier Alexandre said.

 'We expect a very significant part of trading eventually will come through these means rather than the traditional means on the phone,' he said.

 CASH managing director Ken Khoo Ken-wee said the brokerage would invest $50 million in the infrastructure and promotion of the proposed on-line service.

 The service - CASH's third Internet trading product - was expected to kick off in the second half of the year, Mr Khoo said.

 The brokerage launched trading in Internet securities in October 1998 and futures in August last year.



Celestial teams up with Credit Lyonnais for Web forex trade