BNY Mellon to Build FX Pricing and Trading Engine in Singapore
- The engine will be built in collaboration with the Monetary Authority of Singapore.
BNY Mellon announced today that it will be building a high-performance foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) pricing and trading engine in collaboration with the Monetary Authority of Singapore (MAS), joining a list of Tier-1 financial institutions to create FX trading engines.
The announcement made today is part of the bank’s efforts to increase its forex presence in the region, the company said in the statement. In particular, BNY Mellon will create a new low-latency electronic FX infrastructure in Singapore.
BNY Mellon engine to focus on spot FX initially
This infrastructure will improve execution quality and price discovery for its clients. At first, this will be available in spot FX and then in deliverable and non-deliverable forwards and swaps.
Commenting on the announcement, Darren Boulos, Head of FX Sales and Trading in Asia-Pacific at BNY Mellon said in the statement: "We've spent the past four years fully integrating and accentuating our global FX capabilities, and this is just the next step in the bank's commitment to the region, specifically to Singapore as the hub of our Asia G10 FX trading. With the benefit of local support, we can accelerate our offering of additive Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term to clients."
Singapore aims to be FX Hub in Asia
BNY Mellon joins BNP Paribas and JPMorgan in its efforts to launch an FX pricing and matching engine. As Finance Magnates reported, the MAS is actively trying to develop Singapore into a global price discovery and liquidity centre for FX during Asia trading hours.
"BNY Mellon is a welcome addition to Singapore's FX e-trading ecosystem," added Gillian Tan, Executive Director, Financial Markets Development, at MAS, in the statement.
"The importance of robust and resilient infrastructure to support FX trading activities cannot be understated, and we are heartened that FX players that have set up their regional pricing and matching engines in Singapore have reported greater efficiency in price discovery and improved execution for their clients."
BNY Mellon announced today that it will be building a high-performance foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) pricing and trading engine in collaboration with the Monetary Authority of Singapore (MAS), joining a list of Tier-1 financial institutions to create FX trading engines.
The announcement made today is part of the bank’s efforts to increase its forex presence in the region, the company said in the statement. In particular, BNY Mellon will create a new low-latency electronic FX infrastructure in Singapore.
BNY Mellon engine to focus on spot FX initially
This infrastructure will improve execution quality and price discovery for its clients. At first, this will be available in spot FX and then in deliverable and non-deliverable forwards and swaps.
Commenting on the announcement, Darren Boulos, Head of FX Sales and Trading in Asia-Pacific at BNY Mellon said in the statement: "We've spent the past four years fully integrating and accentuating our global FX capabilities, and this is just the next step in the bank's commitment to the region, specifically to Singapore as the hub of our Asia G10 FX trading. With the benefit of local support, we can accelerate our offering of additive Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term to clients."
Singapore aims to be FX Hub in Asia
BNY Mellon joins BNP Paribas and JPMorgan in its efforts to launch an FX pricing and matching engine. As Finance Magnates reported, the MAS is actively trying to develop Singapore into a global price discovery and liquidity centre for FX during Asia trading hours.
"BNY Mellon is a welcome addition to Singapore's FX e-trading ecosystem," added Gillian Tan, Executive Director, Financial Markets Development, at MAS, in the statement.
"The importance of robust and resilient infrastructure to support FX trading activities cannot be understated, and we are heartened that FX players that have set up their regional pricing and matching engines in Singapore have reported greater efficiency in price discovery and improved execution for their clients."