Global financial services giant JPMorgan recently announced it has established an electronic foreign exchange (FX) trading and pricing engine in Singapore. The launch was notably launched with support from the Monetary Authority of Singapore (MAS).
JPMorgan reported that the new trading engine, which was first announced in August 2019, is the financial group’s fourth electronic FX trading infrastructure. It allows clients to conduct FX transactions accounts to their geographical locations as well as adding to its existing platforms in New York, London, and Tokyo. Gillian Tan, Executive Director of Financial Markets Development Department at MAS, previously explained:
“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.”
Sudhanshu Sanadhya, Head of Asia Currencies and Emerging Markets Trading at JPMorgan, spoke about the launch by stating that the platform will help to support the “increase trading flows” he and his team are seeing in Asia’s FX trading. Sanadhya added:
“With market volumes and volatility at record levels, we’re pleased to provide clients with additional infrastructure to support their global price discovery and liquidity needs at such a critical juncture.”