This will allow the bank to provide customers in ASEAN and across its global network access to more competitive FX pricing.
UOB will be deploying Chronicle Software’s (Chronicle) EFX solution for its new electronic foreign exchange (FX) pricing and trade engine in Singapore, the bank said on Wednesday.
Chronicle's solution helps UOB take advantage of reduced latency via co-location connectivity to improve price discovery and enhance pricing capability, the announcement said. Founded in 2013, the London-based company helps clients to develop bespoke, low-latency/high throughput automated trading execution systems.
FX Trading Hub
The bank previously announced that it would launch an electronic foreign exchange (FX) pricing and trading engine in Singapore, which will enable clients to tap the available market liquidity with greater efficiency, in the second quarter of 2021.
«Through our new electronic FX pricing and trade engine, UOB is well-positioned to help our customers seize opportunities arising from the strong institutional FX flows in Asia and Singapore’s status as a fast-growing FX trading hub,» Leslie Foo, UOB head of group global markets, said.
