Northern Trust is to set up a new electronic foreign exchange (eFX) pricing engine in Singapore, in partnership with the Monetary Authority of Singapore (MAS). This will be Northern Trust’s first eFX engine in Asia-Pacific.
“Singapore is a key FX centre for Northern Trust and financial markets globally,” says John Turney, head of global foreign exchange at Northern Trust Capital Markets. “Establishing a regional eFX pricing engine in Singapore will enhance the service provided by our Singapore-based FX desk and complements our continued expansion of FX solutions across Asia-Pacific including currency management and Complete FX™.”
In recent years, Northern Trust has launched a number of innovative FX solutions, and acquired BEx LLC, a platform providing algorithmic FX trading, global liquidity aggregation and transparency in execution and pricing to institutional clients worldwide. In addition, it announced a strategic partnership with Lumint Corporation, an innovative provider of currency management services, enhancing Northern Trust’s currency management solutions with machine learning models.
Yen Leng Ong, country executive for Southeast Asia at Northern Trust, adds: “The launch of our eFX platform in Singapore demonstrates our continued commitment to deliver a broad range of sophisticated solutions to our clients in Asia-Pacific. We are excited to be a part of this joint initiative with MAS which will further develop the FX market ecosystem in Singapore, and Asia as a whole. Co-locating the pricing engine with the trading desk in Singapore, regional market participants will benefit from improved speed and enhanced pricing discovery, as well as increasingly timely and efficient execution.”
Lim Cheng Khai, executive director for Financial Markets Development at MAS, says: “We welcome the launch of Northern Trust’s Asia-Pacific eFX pricing engine in Singapore. The addition of Northern Trust to our FX e-trading infrastructure will strengthen our proposition to provide efficient price discovery and trade execution to market participants in the region, and enable Northern Trust to continue to bring market leading capabilities to its clients. It also bears strong testimony to Singapore’s proposition as a global FX centre in the Asian time zone.”