Trading firm XTX Markets’’ Singapore entity is building a new FX pricing and trading engine which will go live in Equinix’s Singapore SG1 data centre in June 2018.
XTX says it believes that the SG1 build-out will enhance the e-FX trading experience for XTX’s counterparties in the region and in turn, help increase participation rates and volumes for e-FX activity conducted within Singapore to benefit the regional FX market ecosystem.
“Under the Financial Services industry transformation map (ITM) introduced in October 2017, MAS aims to enhance the e-FX trading infrastructure to improve market transparency and facilitate price discovery of FX trading in the Asian time zone,” says Alan Yeo, executive director, Monetary Authority of Singapore (MAS). “XTX, as the first liquidity provider to set up an FX trading engine in Singapore following our ITM initiative, is an affirmation of our e-FX vision and we will continue to work with other global liquidity providers and platforms to grow the ecosystem in Singapore for Asia.”
Wai Kin Chan of XTX adds, “We are delighted to be supported by MAS with regard to our regional trading infrastructure in Singapore and look forward to working closely with our key counterparties in its design, development and implementation. With Singapore being the largest FX centre in Asia, we see huge potential in the Asian FX market as the uptake in electronic trading and increase in Spot & NDF currencies traded in the region continues.”