FXCM Group, an international provider of online foreign exchange and CFD trading, announced this Monday that it has signed a Memorandum of Understanding (MoU) with the Asia Pacific Exchange (APEX).
Under the agreement, the APEX and FXCM will join forces to launch new products on the APEX Exchange. However, the statement did not specify what exactly those products will be.
The MoU was signed by the Chief Executive Officer (CEO) Zhu Yuchen of APEX and Siju Daniel, Chief Commercial Officer (CCO) of FXCM Group on Wednesday, December 5, 2018, in Singapore.
Commenting on the agreement, Yuchen, said: “APEX is a firm believer in promoting the development of the local industries in futures and options contracts covering both commodity and financial derivatives products in the Asia Pacific region.”
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“We provide a fair, transparent and efficient platform for various enterprises to compete globally, and have chosen to partner with FXCM for their experience and expertise in the Asia Pacific region with the trading community.”
APEX was the third exchange established in Singapore with a full trading and clearing license. It covers futures and options contracts across commodity and financial derivatives products in the following asset classes: agriculture, energy, petrochemical, metal, FX rates, interest rates, and stock indices.
“With FXCM’s long history and expertise as one of the world’s leading FX and CFD brokers, working alongside an approved exchange and clearing house in Singapore, we believe we can create new innovative product offerings and are enthusiastic on the many possibilities. We look forward to sharing them with the market in the future,” added Daniel, the CCO of FXCM Group.
FXCM opens new office in Bulgaria
The news of the MoU comes just one week after the forex broker announced that it had opened a new office in Bulgaria following six years in the country. As Finance Magnates exclusively reported the new office, which is located in Sofia, is on its way to being the largest base of operations for the broker globally.