J.P. Morgan announced that it will establish an electronic FX trading and pricing engine in Singapore, with support of the Monetary Authority of Singapore.
Scheduled to launch in early 2020, J.P. Morgan's engine in Singapore adds to the bank's existing platforms in New York, London, and Tokyo, and covers a full range of spot FX and precious metals. The new trading engine allows clients to conduct FX transactions effectively according to their geographical locations, the bank said in a media statement on Thursday.
«Singapore remains J.P. Morgan’s long-standing FX hub in Asia-Pacific and this partnership with MAS will improve the client experience through reduced latency in trade execution and greater price transparency. With electronic FX trading set to grow in the region, Singapore will benefit from the flows and we see this initiative consolidating Singapore’s position as Asia’s leading FX trading center,» said Sudhanshu Sanadhya, head of Asia currencies and emerging markets trading, J.P. Morgan.
Global Price Discovery and Liquidity Center
The partnership with MAS is part of the central bank’s strategic initiative to develop Singapore into a global price discovery and liquidity center for FX during Asia trading hours, the bank added.
«A number of top-tier global players are building out their electronic trading and pricing engines here, which is strong validation and endorsement of Singapore as a global FX center,» said Gillian Tan, executive director, financial markets development department, MAS.
«With the growth in Asia’s FX trading needs and increasing demand for more efficient price discovery in the Asian time-zone, regional market participants will benefit from better connectivity and latency as well as enhanced pricing and trade execution in the Singapore FX electronic trading ecosystem.»
