Finance

Barclays to launch new FX trading and pricing engine in Singapore

Wed, Sep 16, 2020 – 11:43 AM

BARCLAYS on Wednesday announced that it will be launching its new foreign exchange (FX) trading and pricing engine in Singapore as part of the London-headquartered bank's push to strengthen its FX presence in the Asia-Pacific.

This comes as the Monetary Authority of Singapore (MAS) seeks to develop the Republic to become the top FX trading centre in the Asia-Pacific.

Scheduled to be launched in mid-2021, the new FX trading and pricing engine will be Barclays' fourth electronic FX trading hub globally, adding to its existing platforms in New York, London and Tokyo.

The bank will be building out of a local instance of global FX trading system, which includes the roll-out of a technology which will combine pricing algorithms with ultra-low latency co-location connectivity, said Barclays in a statement.

With the infrastructure based in Singapore, local and regional market participants will be able to benefit from increased price discovery, lower latency and improved quality of execution, it added.

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This means that the technology for one-month non-deliverable forwards (NDFs) will be able to provide more accurate prices at faster speeds and improved quality of execution.

James Hassett, co-head of global emerging markets & G10 linear FX, and head of flow macro trading, Asia, who relocated to Singapore from London in August 2020, said: "The deployment demonstrates our increased commitment to our clients in Singapore and in the region. FX is an important growth area for the firm globally and critically this takes us from a three-hub model to a four-hub model."

He was referring to the addition of Singapore to its existing hubs.

Gillian Tan, executive director, financial markets development, at MAS, said: "Singapore is well-placed to serve the strong institutional FX flows in Asia, and we are heartened to see continued sRead More – Source