eFX trading technology solutions provider TradAir has announced that it is partnering with Singapore based financial trading technology firm SNAP Innovations to jointly develop innovative FX solutions, initially for Asian market participants.
The joint venture between TradAir and Snap Innovations has been made possible through funding provided by the Singapore Israel Industrial R&D Foundation (SIIRD), a co-operation between the Singapore Economic Development Board (EDB) and the Israel Innovation Authority to promote,
facilitate and support joint industrial R&D collaboration between Singapore-based companies and Israel-based companies across different industries.
Mr. Chan Eng Chye, GM of SIIRD, remarked:
We are very pleased to support TradAir and Snap Innovations, exemplary examples of Fintech companies in Singapore and Israel, in their joint research efforts to address challenges facing Asian financial participants. We look forward to supporting more of such collaborative R&D projects between innovative Fintech firms from Israel and Singapore.
The new solutions will enhance regional FX liquidity, enabling Asian market participants to seamlessly aggregate, trade and become market makers between the currently fragmented OTC and exchange based regional FX liquidity pools.
TradAir’s deep expertise in FX aggregation, Rate Engines and Risk Management of OTC FX markets, aligns well with SNAP’s expertise in exchange based futures connectivity, and together they will jointly develop innovative FX solutions that address challenges facing market participants in Asia.
Singapore based SNAP Innovations provide low-latency market connectivity to global exchanges, including 10 of the top 14 Asian exchanges, and end-to-end multi-asset algo based modular trading solutions for Asia’s Sell Side Banks, Buy-side Hedge Funds and Prop Firms.
Speaking of the partnership, Michael Lim, Director of SNAP Innovations commented:
Asia is a rapidly growing FX region, and Singapore is the 3rd largest centre globally. This is great opportunity to partner with TradAir to jointly develop innovative FX solutions that address challenges facing Asian market participants.
TradAir provides complete eFX trading and risk management solutions, with powerful aggregation and rate-engine solutions that integrate highly optimized pricing streams from the FX industry’s leading OTC liquidity providers, enabling regional/local banks and brokers to provide clients with an outstanding trading experience and deliver superior execution, whilst effectively risk managing flows.
Ayal Jedeikin, TradAir CEO added:
We are excited to be working with the talented team at SNAP Innovations. Together our combined expertise and market understanding will enable us to deliver innovative new solutions to Asian FX market participants.
Asia is a significant and fast growing FX region, with its light touch regulation, and strong regional economies.
The latest 2016 Triennial FX Survey from the Bank of International Settlements (BIS), shows Singapore is the 3rd largest FX centre globally, accounting for nearly 8% of global FX turnover in 2016, a 35% increase compared to 2013.