Singapore Exchange Deepens Currency Trading Link With BlackRock’s Aladdin

SGX FX, the currency trading arm of Singapore Exchange, widened its link to BlackRock's Aladdin investment platform, the two companies said today (Thursday). Shared clients will be able to trade through BidFX, the SGX FX execution system, from within Aladdin.

Aladdin is the software many asset managers use to run portfolios, risk and orders. For SGX FX, those firms are the client base it has been building.

Singapore Exchange said in August that client expansion lifted SGX FX average daily volume 33.1% year over year to $190.2 billion in the 12 months to June, while the unit's net revenue rose 12%.

SGX FX has also added price makers to feed that flow. BBVA set up a distribution engine for Latin American currencies on BidFX in October 2025.

London's trading industry is coming home!

Singapore Exchange took full control of BidFX in 2020 and later renamed its UK entity SGX FX Systems while keeping the BidFX brand.

A Wider Link to the Buy Side

The companies said the deal builds on connectivity Connectivity Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Read this Term already in place between the two platforms. According to the announcement, the deeper integration should reduce operational friction and improve access to 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, automation and price discovery across a range of FX products.

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Jean-Philippe Malé, who became chief executive of SGX FX in April 2025 after co-founding BidFX, said institutional investors increasingly want FX execution "to connect more seamlessly with the systems they use."

Kamya Somasundaram, global head of Aladdin enterprise partnerships at BlackRock, said clients were asking for closer ties between their investment and execution workflows.

The Aladdin deal follows two other tie-ups this year. In January, UAE broker ADSS joined SGX FX as both a market maker and a buy-side participant. A month later, SGX FX connected BidFX and MaxxTrader users to CME Group's EBS Market and FX Spot+ venues.

The UK company that runs BidFX nearly tripled its operating profit to $21.9 million in the year to June 2025, according to its Companies House accounts.

Banks and Vendors Already Plugged In

Deutsche Bank brought its HausFX FX-as-a-service suite into Aladdin on February 9. It covers currency trades tied to cross-border securities purchases in developed, emerging and restricted markets.

Adroit Trading Technologies followed on September 1. The New York-based execution management vendor, which works across fixed income, currencies and OTC derivatives, announced a multi-year Aladdin partnership.

Tradeweb went in stages on the credit side. It first displayed its pricing data inside Aladdin and in December 2023 opened its AllTrade liquidity network to Aladdin users.