Bank Negara Malaysia has approved Refinitiv’s Matching and FXall platforms as electronic trading platforms under Malaysia’s new Framework for Electronic Trading Platforms. FXall will be offered in Malaysia under its approved money broker Refinitiv Transaction Services Malaysia Sdn Bhd.
The announcement marks further progress for the firm, with Matching established in several Asian centres as the primary local FX market. Malaysia launched a consultation programme in early 2019 aimed at delivering standards for e-trading platform providers. Matching was first launched in Malaysia in 2014, but sources say progress has been patchy as Bank Negara sought to establish firmer controls between on- and offshore trading on the ringgit. With the formal approval under the new regime, take up is expected to accelerate, they add.
“Refinitiv has been a long-time partner in the Malaysian financial market. Bank Negara’s formal approval for FXall to operate alongside Matching enables us to further assist Malaysian FX market participants to develop their e-FX trading solutions.,” says Nigel Fuller, performance director for FX venues at Refinitiv. “This will lead to greater transparency and efficiency both for the banks and their customers.
“We continue to work closely with central banks, liquidity providers, and buy-side participants to promote the development of efficient, fair and effective markets in the ASEAN region,” he adds.