Consolidated Trading LLC launches its European operations from Frankfurt
Consolidated Trading LLC (CT), a US company specialising in proprietary trading, opened its first European office in Frankfurt am Main in April 2010 with the help of FrankfurtRheinMain GmbH. From its new office in the Regus Business Center near the Old Opera House, the Chicago-based company plans to build up its international business and gain a foothold in the European financial and business markets. One full-time employee is initially setting up the necessary structures during the start-up phase. Over the medium term, however, the company plans to recruit further professionals and to assign staff from the USA.
Support provided by the FRM office in Chicago
Among the possible sites that CT was considering, Frankfurt had to compete against other financial centres in Europe, such as Zurich, London or Amsterdam. Ultimately the company opted for the city on the River Main mainly because of its good general geographical conditions and infrastructure (major airport within easy reach, good public transportation system, suitable data connections) and for cost reasons. "Compared with cities such as London, the costs of technological infrastructure and office rents are still very moderate", emphasises Danijel Medic, Director of Consolidated Trading Europe GmbH and responsible for identifying the right location. Another not inconsiderable factor: it is fairly easy for the English-speaking staff to cope with everyday life thanks to the international character of the region.
The recently opened office of FrankfurtRheinMain GmbH in Chicago acted as the central point of contact for all the specific site issues facing Consolidated Trading LLC. The staff were able to clarify numerous issues concerning tax laws, company legal forms, official regulations governing the company's location to the region, and much, much more. A very useful service, as far as Danijel Medic is concerned: "This scope of advice and support is extremely important, especially if a company has no further knowledge of the local conditions and regulations." Consolidated Trading is convinced that the FrankfurtRhineMain region is the right choice of location for successfully venturing into the European market.