JP Morgan is set to launch an electronic FX trading and pricing engine in Singapore early next year, following in the footsteps of several other institutions expanding their FX operations in the region.
The US investment bank said the new platform, which is backed by the Monetary Authority of Singapore (MAS), will cover a range of spot currencies and precious metals, and was designed to speed up trade executions. for the customers.
JP Morgan already operates FX trading and pricing engines in New York, London and Tokyo, with Singapore being the fourth location in which the bank will expand. Sudhanshu Sanadhya, head of Asian currencies and emerging markets trading at JP Morgan, said Singapore has long been the company’s forex hub in Asia.
âThis partnership with MAS will improve the customer experience through reduced latency in transaction execution and greater price transparency. As electronic currency trading is expected to grow in the region, Singapore will benefit from the flows and we see this initiative consolidating Singapore’s position as the leading center for currency trading in Asia, âadded Sanadhya.
Other large financial institutions including UBS, Citigroup, Standard Chartered, Euronext, Jump Trading and XTX Markets have also confirmed their intention to launch similar currency trading platforms as MAS aims to boost currency trading activities in Asia.
âA number of leading global players are developing their electronic trading and pricing engines here, which is a strong validation and endorsement of Singapore as a global forex center,â said Gillian Tan, executive director of the MAS’s financial market development department.
âWith the growing FX trading needs in Asia and the growing demand for more efficient price discovery in the Asian time zone, regional market participants will benefit from better connectivity and latency as well as pricing and enhanced trade execution in Singapore’s electronic FX trading ecosystem. “