FastMatch, Euronext’s Electronic Communication Network (ECN) for foreign exchange (forex) trading announced this Tuesday that it is setting up a new matching engine in Singapore.
According to the statement, the new engine is expected to be fully operational in the fourth quarter of this year. Furthermore, the company has opened a new commercial office in the country so it can better serve its Asia-based customers.
The new matching engine in Singapore is in addition to those already located in New York, London, and Tokyo and is part of FastMatch’s ambition to become a major FX marketplace in the region.
By adding the matching engine in the country, FastMatch customers in Asia Pacific markets, such as Singapore, Australia, and Hong Kong, will have access to faster connectivity and improved trading conditions, the statement said.
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Commenting on the development, Kevin Wolf, the CEO of FastMatch said: “Euronext FastMatch’s decision to establish a matching engine and open an office in Singapore is an important step that will make the company more relevant to new and existing clients around the globe, and increase the availability of its best-in-class technology platform which is already recognized for its speed, reliability, and numerous unique features.”
“Euronext FastMatch’s expansion in Singapore, which is currently the largest FX centre in Asia and the third largest globally, reflects its ambition to create a strong development base in Asia. We are looking forward to working with MAS and appreciate their active support to further grow the local financial ecosystem and our footprint.”
Singapore’s MAS Welcomes FastMatch
The Monetary Authority of Singapore (MAS) is also working towards developing Singapore into a global FX price discovery and liquidity center in the region, as outlined in its Financial Services Industry Transformation Map.
“We are excited that global FX players and platforms are building on Singapore’s strength as the largest FX centre in Asia Pacific, and choosing Singapore as the venue to establish their e-trading infrastructure in expanding their Asian FX business,” added Alan Yeo, Executive Director of MAS.
“Having more players like Euronext’s FastMatch setting up in Singapore will support the formation of a regional e-trading ecosystem that will offer better connectivity and more effective execution of trades. This will enable our FX market to better serve Asia’s growing FX needs.”