The foreign exchange (forex) subsidiary of Japanese financial services provider SBI Holdings Inc, SBI FXTRADE Co., Ltd., announced this Friday that it is expanding its FX product offering.
Due to an uptick in demand from its customers, the FX firm is adding eight currency pairs to its offering, bringing the total number of forex pairs available for trading up from 26 to 34. According to the company’s research, this is the highest number currently available.
In particular, due to continuous customer requests, SBI FXTRADE will add pairs centered on the Japanese yen, including the Russian ruble/Japanese yen, Brazil real/Japanese yen, and Mexican peso/Japanese yen pairs, among others.
New currencies on SBI FXTRADE
The complete list of the new currencies added to the company’s platform is RUB/JPY; BRL/JPY; PLN/JPY; SEK/JPY; NOK/JPY; MXN/JPY; SGD/JPY; and USD/CNY. The spreads for these eight currency pairs is yet to be determined.
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According to the statement (translated): “Among the currency pairs added this time, there are also currency pairs that have the characteristics of high-interest-rate currencies, making it possible to conduct a variety of transactions that are more tailored to the investment stance of customers. We believe we can provide opportunities and convenience.”
SBI FXTRADE will begin to offer the above-mentioned currencies from Monday, December 16, and orders will be accepted after the end of maintenance on Saturday, December 14, 2019.
Today’s announcement is another step forward for SBI into the forex space. In recent years, through its subsidiaries, the financial services firm has been expanding its presence in the industry.
Its wholly-owned subsidiary, BYFX Global Co., Limited launched its retail and institutional business in September of last year. BYFX HK, which is also a 100 percent owned subsidiary of the Group, also partnered with Barclays around the same time to access forex liquidity, as Finance Magnates reported.