Two former analysts at Refco, the collapsed futures brokerage, have launched an independent research firm in London.

Ranvir Singh and Matthew Cheung, who worked for Refco Trading Services, the UK arm of the New York-based group, opened Real-Time Analysis & News today. Singh was global head of market analysis when at Refco and Cheung was a trader turned market analyst who worked for him. They left the brokerage last year to start their research business.