BNY Mellon has unveiled plans to build a high-performance FX pricing and trading engine in partnership with the Monetary Authority of Singapore (MAS), the latest milestone as the bank continues to enhance its foreign exchange presence in the region.
The bank will establish new low-latency electronic FX infrastructure in Singapore, helping to improve execution quality and price discovery for clients initially in spot, and subsequently in deliverable and non-deliverable forwards and swaps.
“We’ve spent the past four years fully integrating and accentuating our global FX capabilities, and this is just the next step in the bank’s commitment to the region, specifically to Singapore as the hub of our Asia G10 FX trading,” says Darren Boulos, head of FX sales and trading in Asia-Pacific at BNY Mellon. “With the benefit of local support, we can accelerate our offering of additive liquidity to clients.”
Gillian Tan, executive director, financial markets development, at MAS, adds, “BNY Mellon is a welcome addition to Singapore’s FX e-trading ecosystem. The importance of robust and resilient infrastructure to support FX trading activities cannot be understated, and we are heartened that FX players that have set up their regional pricing and matching engines in Singapore have reported greater efficiency in price discovery and improved execution for their clients.”
BNY Mellon joins a host of trading firms and platforms to set up a presence in the city state as part of a plan announced by the Monetary Authority of Singapore in late 2017 to support the establishments of such hubs as it seeks to establish Singapore as a global price discovery and liquidity centre during Asian trading hours.