Exclusive: All new institutional FX trading platform launches in Singapore, with key industry figure leading its operations
Joining the institutional FX platform technology rush is newly founded Spark Systems, with former Flextrade, Standard Chartered and Saxo veteran Jason Wang Kee Huat as COO
Singapore is the third largest institutional OTC derivatives trading center in the world, and is the largest in Asia.
It is home to the vast majority of interbank FX order flow for the Asia Pacific region, and has a plethora of institutional liquidity providers, proprietary trading desks and an exchange which not only emerged rapidly but became the venue of choice for the listed derivatives giants of the West for their activities in the Far East.
Singapore, in that case, is New York and Chicago rolled into one, for the Asian region.
FinTech is vast in Singapore these days, and indeed the region leads the way in the Far East in the same way that London does in the West. Numerous platform firms, ancillary service providers and FX industry specialists have relocated their businesses (and themselves) to Singapore of late, and it is becoming the innovation center for the entire region, with the same synergy between vast institutions and technology firms that London has.
This week, a brand new FX trading platform technology provider has gone into business in Singapore, offering its trading platform to the institutional FX world.
Spark Systems is the company’s name, and it has been established by a series of FX industry veterans, with former Knight Capital and FlexTrade senior executive Jason Wang Kee Huat as COO.
Mr. Wang Kee Huat has a wealth of credentials behind him, and during my years as an institutional FX technologist, our paths crossed several times.
Joining newly established Spark Systems this week from KGI Ong Capital in Singapore, Mr. Wang Kee Huat previously spent four and a half years at Flextrade where he was Head of FX Sales for the APAC region between June 2011 and September 2015.
Prior to joining Flextrade, Mr. Wang Kee Huat was VP at Knight Capital (Now KCG) between December 2009 and May 2011, having joined the firm from Standard Chartered where he was API Regional Sales Manager.
A year and a half at Saxo Capital Markets preceded his position at Standard Chartered, where he was in Institutional Sales at Saxo Capital Markets’ Singapore division.
Tenures at Sungard Data Systems and Accenture preceded this position, following Mr. Wang Kee Huat’s graduation from the National University of Singapore.