FastMatch is setting up a new matching engine in Singapore, which is expected to be fully operational in the fourth quarter of 2019. In addition, FastMatch has opened a new commercial office in Singapore.
“This expansion in the Asian market reflects FastMatch’s ambition to be closer to its clients worldwide and creates a strong development base to become a major FX marketplace in the region,” says the ECN operator in a release announcing the news.
The new matching engine comes in addition to the platform’s existing matching engines located in New York, London and Tokyo.
Kevin Wolf, CEO of FastMatch, says: “Euronext FastMatch’s decision to establish a matching engine and open an office in Singapore is an important step that will make the company more relevant to new and existing clients around the globe, and increase the availability of its best-in-class technology platform which is already recognised for its speed, reliability, and numerous unique features. Euronext FastMatch’s expansion in Singapore, which is currently the largest FX centre in Asia and the third largest globally, reflects its ambition to create a strong development base in Asia. We are looking forward to working with MAS and appreciate their active support to further grow the local financial ecosystem and our footprint.”
Alan Yeo, Executive Director of MAS, says: “We are excited that global FX players and platforms are building on Singapore’s strength as the largest FX centre in Asia Pacific, and choosing Singapore as the venue to establish their e-trading infrastructure in expanding their Asian FX business. Having more players like Euronext’s FastMatch setting up in Singapore will support the formation of a regional e-trading ecosystem that will offer better connectivity and more effective execution of trades. This will enable our FX market to better serve Asia’s growing FX needs.”