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Screenshot of a breaking news alert e-mail from Q2 2017
BNY Mellon, the world’s largest custody bank by assets, said it appointed Keon Ho Kang to head its newly created foreign exchange dealing room in Singapore. The bank has launched the FX dealing room in Singapore to facilitate trades in G10 currencies and the Korean Won.
The American investment giant said the move reflects Singapore’s growing regional and global significance as an forex trading center.
“Singapore’s rapid ascendancy to become the dominant forex trading hub in Asia-Pacific is not unexpected given its well-placed time-zone and robust financial infrastructure,” Mark Militello, Hong Kong-based head of BNY Mellon’s Asia-Pacific global markets business, said in a statement on Monday.
“The increasing importance of Asian currencies and the sharp increase in Chinese renminbi (RMB) trading in particular, is expected to fuel a steady rise in trading volumes in Singapore.”
Singapore is Asia’s largest FX market, and the largest offshore RMB clearing center outside of Greater China. Earlier this month, it was reported that Singapore Exchange renminbi futures made it’s debut with over 1 billion yuan in trading turnover and margin.