Nomura launches eFX engine in Singapore for NDFs and G10 FX in APAC

Rick Steves

Several leading names within the industry have recently set up or enhanced infrastructure in Singapore as the country develops its FX market to serve the growing trading and hedging needs in the region.

Nomura has launched an eFX pricing and trading engine in Singapore, with support from the Monetary Authority of Singapore (MAS).

This will be Nomura’s fourth e-FX pricing engine following others in Tokyo, London, and New York, and addresses the needs of the investment bank’s Asian client base as the group continues its focus on non-deliverable forwards and G10 FX in the region.

Singapore’s financial watchdog, MAS, has aggressively and successfully pursued its strategy to strengthen the jurisdiction’s standing as a major trading and corporate treasury hub.

Several leading names within the industry have recently set up or enhanced infrastructure there as the country develops its FX market to serve the growing trading and hedging needs in the region.

The progressive concentration of big financial players in Singapore is also a response to China’s unwelcomed grip in Hong Kong, which has raised concerns over what may come next.

Rig Karkhanis, Deputy Head of Global Markets and Global Head of FX and Emerging Markets at Nomura, said: “As a global financial services group with a strong presence in Singapore, we are fully committed to supporting the city-state’s development as a major global FX hub.

“This initiative, which is expected to go live later this year, will help support our clients with better infrastructure for execution, improved access to liquidity and effective price discovery.”

Lim Cheng Khai, Executive Director, Financial Markets Development, MAS, said: “MAS welcomes Nomura’s establishment of its FX pricing and matching engine in Singapore. It will bolster the build-up of a critical mass of market participants in our FX e-trading ecosystem, and strengthen Singapore’s proposition as a leading FX hub in the Asian time zone.”

A number of firms have recently announced the launch or upcoming launches of eFX trading engines in Singapore as part of the initiative by MAS.

Several other large banks have also agreed to develop FX pricing and trading engines in the country, including Goldman Sachs,  JP Morgan, BNP Paribas, BNY Mellon, Deutsche Bank, Barclays, Macquarie, Northern Trust, XTX Markets, and Jump Trading.

Co-locating the pricing engine with the trading desk in Singapore provides improved speed and enhanced pricing discovery for regional market participants.

Barlcays’ new FX trading and pricing engine will be its fourth electronic FX trading hub globally and will be launched in mid-2021.

The bank will be building out a local instance of FX trading system BARX. This will include the rollout of the latest BARX Direct technology which combines next-generation pricing algorithms with ultra-low latency co-location connectivity.

Interactive Brokers added a Singapore entity in 2020, located in the Marina Bay Financial District. The firm now serves over 876,000 clients accounts in more than 220 countries and territories through its nine entities, in the US, Australia, Canada, Hong Kong, India, Japan, Luxembourg, the UK, and Singapore.

More than 37% of its accounts now come from Asia and growth continues to be strong. This has contributed to the decision of opening an office in the country.

Read this next

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<