American banking giant Citigroup is going to be launching a new electronic currency trading and pricing platform in Singapore.
The firm announced the news on Monday, and it will make Singapore the fourth city, after London, Tokyo, and New York, in which Citigroup has set up such a system.
Expected to go live in the fourth quarter of this year, the platform will support spot trading in 23 currencies, including all of the Group of Ten countries.
Citigroup also said that it plans to support 13 deliverable emerging-market currencies.
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The American firm’s system should also improve trading speeds for customers who, at the moment, must either connect to the bank’s Tokyo operation or a trading desk outside of Asia.
“The expansion of our FX trading engine will also lead to a vast improvement in latency for our clients in Singapore and across much of Asia Pacific, who prior to this would connect via Tokyo or one of our trading engines outside of the region,” said Stuart Staley, Citigroup’s Head of Markets and Securities Services in the Asia-Pacific region.
Singapore – Asia’s FX hub
Citigroup’s new trading platform comes at a time when Singapore is establishing itself as a major player in the global FX market.
Determining what the country’s FX trading volumes are is tricky, but the most recent study undertaken by the Singapore Foreign Exchange Market Committee found that, in October of last year, traders in the country were averaging $508 billion a day.
A 2016 annual survey by the Bank of International Settlements also found that the city-state had the highest FX trading volumes in all of Asia.