Nomura, a leading Asian financial services firm, today announced the launch of an electronic foreign exchange (e-FX) pricing and trading engine in Singapore. Nomura mentioned that the company has received support from the Monetary Authority of Singapore (MAS) for the establishment of the e-FX engine in the region.
According to the official press release, the latest e-FX engine in Singapore will be Nomura’s fourth pricing engine as the company already has e-FX pricing engines in Tokyo, New York and London. Nomura is planning to facilitate its Asian client base through the latest initiative.
Commenting on the recent announcement, Rig Karkhanis, Deputy Head of Global Markets and Global Head of FX and Emerging Markets at Nomura, said: “As a global financial services group with a strong presence in Singapore, we are fully committed to supporting the city-state’s development as a major global FX hub. This initiative, which is expected to go live later this year, will help support our clients with better infrastructure for execution, improved access to liquidity, and effective price discovery.”
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The recent announcement from Nomura came one month after Deutsche Bank, a leading German financial services provider, announced the establishment of an emerging market FX trading engine in Singapore amid a surge in demand for the Chinese Yuan.
Singapore as a Trading Hub
In addition, the press release highlighted the strategic plan of the Monetary Authority of Singapore to strengthen Singapore’s position as a major trading hub. “MAS welcomes Nomura’s establishment of its FX pricing and matching engine in Singapore. It will bolster the build-up of a critical mass of market participants in our FX e-trading ecosystem, and strengthen Singapore’s proposition as a leading FX hub in the Asian time zone,” said Lim Cheng Khai, Executive Director of Financial Markets Development at MAS, said in the announcement.
Nomura reported 170 billion Yen in net revenues during Q4. The financial services provider took a major hit of 245.7 billion yen from transactions with a US-based client.