Deutsche Bank goes live with its FX pricing and trade engine in Singapore

abdelaziz Fathi

Deutsche Bank has gone live with its electronic foreign exchange pricing and trading engine in Singapore, where demand for currency trading among institutional players is on the rise.

The launch is in line with the plans of the Monetary Authority of Singapore (MAS) to develop the country as Asia Pacific’s FX trading hub. The nation’s markets regulator already supports several initiatives from different global banks who are in the midst of establishing their FX e-trading and pricing engines in the city-state.

This was a complex delivery, Deutsche Bank said, which included the set-up of significant local hardware, network, and server infrastructure, as well as the deployment of a host of customised applications.

BNY Mellon builds a pricing and trading engine for sophisticated FX instruments in Singapore, also part of an initiative with the MAS.

Standard Chartered was also gearing up to launch an e-trading engine that offers e-FX trading of 50 currencies in spot, forward, swaps, non-deliverable forwards (NDFs) and options, as well as commodities e-trading for both precious and base metals.

Head of APAC G10 FX Lee Merchant said: “Asia Pacific is a prime example of the ongoing decentralisation that is happening in the FX marketplace globally. We’ve set out to create a low latency trading environment so that our clients can benefit from localized price distribution and consumption, leading to improved execution results and performance of roughly 90 milliseconds, for clients in Singapore. The investment in our platform in Singapore significantly enhances Deutsche Bank’s market-leading electronic FX offering, and nicely complements our other global FX trading hubs in New York, London, and Tokyo.”

Other global banks like Barclays, J.P. Morgan, UBS, Citi, BNP Paribas, Euronext, and XTX Markets have already built their own regional trading infrastructure in the city-state.

Singapore is a key trading centre for Western banks, which have seen its e-FX trading volumes grow by double-digits over the last five years.

The news came as Germany’s largest lender was in talks with potential buyers for a wide range of its assets amid wider cuts at its US equities business, including prime brokerage and equity derivatives, part of its most dramatic overhaul in recent history.

Germany’s biggest bank also faces pressure from investors to push ahead with further cost cuts this year and pull out of businesses where it isn’t profitable, especially after the collapse of merger talks with Commerzbank.

John Zeng, Head of E-Trading FIC APAC said: “The latest expansion of electronic pricing capacity continues to strengthen our Emerging Market currencies and NDF trading platform by offering clients enhanced execution experience both in terms of transaction latency and quality of liquidity. With Singapore growing as a major liquidity hub during the Time Zone, the investment reaffirms Deutsche Bank’s strong commitment to the region and our endless pursuit to deliver the best-in-class solution to our clients.”

Read this next

Digital Assets

Russian Duma’s working group to address gaps in crypto regulation

A working group formed by the Russian State Duma to tackle the issues of cryptocurrency regulations is set to hold its first meetings, said the head of the parliamentary Financial Market Committee, Anatoly Aksakov.

Digital Assets

Kevin O’Leary says XRP lawsuit is “a very bad idea”

“I have zero interest in investing in litigation against the SEC, that is a very bad idea”.

Industry News

SFC freezes 17 client accounts on suspected ‘pump-and-dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has issued notices to two local brokers, instructing them to freeze certain client accounts suspected of market manipulation.

Retail FX

FSCS starts to offer LCF investors compensation under government scheme

The Financial Services Compensation Scheme (FSCS) has gone live with the government’s redress scheme to reimburse eligible London Capital & Finance victims.

Industry News

Aquis Exchange appoints Glenn Collinson as new Chair

Aquis Exchange, a group of companies that provide services for exchanges, has announced the appointment of Glenn Collinson as its new Chair and he would succeed Niki Beattie effective from January 1, 2022.

Digital Assets

Bitpanda onboards Lydia’s 5.5 million users to white label solution

Lydia has deployed the white label solution, with transactions made by the more than 5 million Lydia customers in a wide range of assets, from crypto to fractional stocks, being executed via Bitpanda for as little as EUR 1.

Digital Assets

Archax deploys Scila AB’s AML and surveillance tech for crypto trading

Scila is very much in tune with digital assets and cryptocurrencies and has some of the largest cryptocurrency exchanges and traders in its client roster.

Institutional FX, Retail FX

ATFX goes all in on US equities: FX broker adds 113 US stock CFDs

With the addition of 113 US stock CFDs, ATFX boasts more than  300 tradable instruments, 273 of which are stock CFD products.

Industry News

Citadel CEO outbids 17,000 crypto investors after winning Short Squeeze Lawsuit

Citadel Securities has been a key source of trading platforms’ revenue, which fed conspiracy theories that the US market maker leaned on their executives to end the short squeeze by restricting users from buying meme stocks.

<