The efforts of the British bank are being supported by the Monetary Authority of Singapore.
Standard Chartered Bank, a British multinational banking and financial services company headquartered in London, is planning on launching a foreign exchange (forex) electronic trading and pricing engine in Singapore, according to a report from the Business Times.
With the support of the country’s local regulator, the Monetary Authority of Singapore (MAS), Standard Chartered plans on launching the e-trading and pricing engine by the first quarter of 2020, the Singapore news outlet said.
Standard Chartered Engine to Provide e-Trading of 5K FX Pairs
On Monday, the London-headquartered firm announced via a media release that its FX engine will allow its clients to trade 130 currencies and more than 5,000 currency pairs, which will be available in spot, forward, swaps, non-deliverable forwards (NDFs) and options.
In addition to forex instruments, the engine will also offer e-trading of commodities, for both precious and base metals.
The e-trading infrastructure which will be based in Singapore adds to the British firm’s existing suite of engines which are located in London, New York, and Tokyo. It will give its Asia-based clients easier access to Liquidity in addition to more efficient FX trading.
Commenting on the announcement, Michele Wee, head of financial markets Singapore at Standard Chartered said: “E-trading take-up rates are very high among our clients; we have seen our FX e-trading volumes grow by 40 percent year on year.”
Furthermore, Wee also stated that the British bank could also offer “consistent pricing” to meet the hedging requirements of its Asia-based clients through the e-Trading Platform.
MAS is Pushing for Singapore to be an FX Hub
Singapore’s MAS is actively trying to make the country a major forex hub in the world. As Finance Magnates reported, the regulator is encouraging firms to start building trading engines in the country, such as the one announced today.
“The move is aligned with our goal of enhancing liquidity, price discovery and transparency in Singapore’s FX market by strengthening FX e-trading capabilities and market infrastructure,” added Gillian Tan, executive director in the financial markets development department at MAS.
When trading in Singapore, FX trades have to be routed via locations, mainly Tokyo and London, outside of the city-state at present. That’s because most financial institutions have put their trading engines in those cities.
However, this means that trading in Singapore can take a few milliseconds longer than it otherwise would - which makes a big difference in the FX space.
Earlier this year in March, FastMatch, Euronext’s Electronic Communication Network (ECN) for FX trading revealed that it is setting up a new matching engine in Singapore, which will come into effect in the final quarter of 2019.
Standard Chartered Bank, a British multinational banking and financial services company headquartered in London, is planning on launching a foreign exchange (forex) electronic trading and pricing engine in Singapore, according to a report from the Business Times.
With the support of the country’s local regulator, the Monetary Authority of Singapore (MAS), Standard Chartered plans on launching the e-trading and pricing engine by the first quarter of 2020, the Singapore news outlet said.
Standard Chartered Engine to Provide e-Trading of 5K FX Pairs
On Monday, the London-headquartered firm announced via a media release that its FX engine will allow its clients to trade 130 currencies and more than 5,000 currency pairs, which will be available in spot, forward, swaps, non-deliverable forwards (NDFs) and options.
In addition to forex instruments, the engine will also offer e-trading of commodities, for both precious and base metals.
The e-trading infrastructure which will be based in Singapore adds to the British firm’s existing suite of engines which are located in London, New York, and Tokyo. It will give its Asia-based clients easier access to Liquidity in addition to more efficient FX trading.
Commenting on the announcement, Michele Wee, head of financial markets Singapore at Standard Chartered said: “E-trading take-up rates are very high among our clients; we have seen our FX e-trading volumes grow by 40 percent year on year.”
Furthermore, Wee also stated that the British bank could also offer “consistent pricing” to meet the hedging requirements of its Asia-based clients through the e-Trading Platform.
MAS is Pushing for Singapore to be an FX Hub
Singapore’s MAS is actively trying to make the country a major forex hub in the world. As Finance Magnates reported, the regulator is encouraging firms to start building trading engines in the country, such as the one announced today.
“The move is aligned with our goal of enhancing liquidity, price discovery and transparency in Singapore’s FX market by strengthening FX e-trading capabilities and market infrastructure,” added Gillian Tan, executive director in the financial markets development department at MAS.
When trading in Singapore, FX trades have to be routed via locations, mainly Tokyo and London, outside of the city-state at present. That’s because most financial institutions have put their trading engines in those cities.
However, this means that trading in Singapore can take a few milliseconds longer than it otherwise would - which makes a big difference in the FX space.
Earlier this year in March, FastMatch, Euronext’s Electronic Communication Network (ECN) for FX trading revealed that it is setting up a new matching engine in Singapore, which will come into effect in the final quarter of 2019.
Devexperts Teams Up with nuam Exchange to Boost Equity and Derivatives Trading
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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