Standard Chartered plans to establish a Foreign Exchange e-trading and pricing engine in Singapore, with support from the Monetary Authority of Singapore.
Standard Chartered will launch this e-trading engine by the first quarter of 2020, offering the Bank’s clients FX e-trading of 130 currencies and more than 5,000 currency pairs in Spot, Forward, Swaps, Non-deliverable Forwards (NDFs) and Options, as well as commodities e-trading for both Precious and Base Metals.
Adding to the Bank’s existing e-trading engines in London, New York, and Tokyo, the new Singapore FX e-trading infrastructure will provide clients in the region more convenient access to liquidity, the firm added in a media release on Monday.
Significant Growth
«Singapore continues to be the major FX hub in the world. E-trading take-up rates are very high amongst our clients; we have seen our FX e-trading volumes grow by 40% year-on-year,» Michele Wee, Head of Financial Markets Singapore, Standard Chartered, said.
Having recently fully consolidated the businesses into one entity in Singapore, this latest initiative underscores the bank's continued commitment to working with Singapore to further develop the financial market and enhancing our FX offerings from our Singapore subsidiary.
MAS Welcomes the Move
«We welcome Standard Chartered Bank’s decision to launch its new FX e-trading engine in Singapore. This new platform will enable Standard Chartered to seamlessly support its clients’ FX needs and contribute to the sustained growth and development of Singapore’s financial hub to serve growing regional needs for risk management,» Gillian Tan, Executive Director, Financial Markets Development Department, MAS, added.
