Daishin Securities Co. said on Oct. 20 that it has introduced a "foreign-currency RP automatic purchase service" to Cybos and Creon, its home and mobile trading systems (HTS/MTS).
The core is to support customers who invest in stocks with U.S. dollars by allowing them to automatically invest their remaining dollar deposits in repurchase agreements (RP).
The interest rate on U.S. dollar RPs is 3.75% per year (before tax), and the automatic reinvestment period is seven days. RPs purchased automatically can be sold 24 hours a day, allowing customers to freely retrieve and manage dollar funds as needed.
The service uses dollar deposits in Daishin Securities Co.'s foreign-currency securities trading product accounts, and automatic purchases are made at 4 p.m. every business day from a minimum of $1 to a maximum of $100,000. Applications are available through Daishin Securities Co.'s MTS/HTS.
Kim Eun-su, head of platform solutions at Daishin Securities Co., said, "With the recent increase in U.S. stock investing, dollar deposits are rising, and the need to manage them efficiently is growing," and noted, "This service is designed to automatically invest remaining dollars in RPs to efficiently manage idle funds."
Further details are available from Daishin Securities Co.'s financial support center.