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BNY Mellon launches FX Pricing and Trading Engine to expand FX footprint in Singapore



Banking and financial services holding company BNY Mellon announced its plan to build a high-performance FX pricing and trading engine. The bank is going to partner with the Monetary Authority of Singapore (MAS) as it continues to enhance its foreign exchange presence in the region.

BNY Mellon will establish new low-latency electronic FX infrastructure in the Southeast Asian nation and improve execution quality and price discovery for clients initially in spot and later in deliverable and non-deliverable forwards and swaps.

Singapore

Darren Boulos, Head of FX Sales and Trading in Asia-Pacific at BNY Mellon said:

We’ve spent the past four years fully integrating and accentuating our global FX capabilities, and this is just the next step in the bank’s commitment to the region, specifically to Singapore as the hub of our Asia G10 FX trading. “With the benefit of local support, we can accelerate our offering of additive liquidity to clients.

Gillian Tan, Executive Director, Financial Markets Development, at MAS

Gillian Tan, MAS
Gillian Tan

BNY Mellon is a welcome addition to Singapore’s FX e-trading ecosystem. The importance of robust and resilient infrastructure to support FX trading activities cannot be understated, and we are heartened that FX players that have set up their regional pricing and matching engines in Singapore have reported greater efficiency in price discovery and improved execution for their clients.

The New York-based bank has already seen significant FX volumes in Singapore in over 70 deliverable currencies, including in most restricted APAC markets with the help of uncorrelated liquidity that comes with executing daily flows for clients of its large custody franchise. The bank set up a dedicated FX custody trading desk in Singapore in 2019 and relocated its Short-Term Interest Rate Trading (STIRT) business from Hong Kong, and established a Singapore options trading desk.

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BNY Mellon launches FX Pricing and Trading Engine to expand FX footprint in Singapore

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