FX Markets Asia Awards 2020: Best FX ECN – Euronext Markets Singapore

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Efficiency, accuracy and unbeatable execution speeds in Singapore have helped Euronext provide sterling service in a volatile and fragmented market – and even treble spot volumes in Asia trading

Trent Beacroft, chief executive officer, Euronext Markets Singapore
Trent Beacroft, chief executive officer, Euronext Markets Singapore

Euronext FX is a company constantly evolving and adapting to market challenges, striving to offer the best service needed by the market. It has recently undergone corporate rebranding, helping to solidify its commitment to the FX business and its vision for moving forward in an increasingly fragmented marketplace. One of the biggest contributors to its recent success has been the opening of its Singapore operations. And now Euronext FX has won best FX ECN in this year’s FX Markets Asia Awards. 

Euronext FX has set itself apart from its competitors in the spot FX and precious metals space in a number of ways. To start, it has unrivalled matching speeds. It is also strongly committed to transparency and is also the only institutional ECN with its median order-to-ack times, volumes, pricing and order type published online in real time. This transparency is further elevated as the Euronext FX uses live trade data from a variety of external sources as a midpoint price from its own ECN to deliver transparent FX reference points. 

In September 2019, Euronext FX launched its first-ever FX matching engine in Singapore as a direct response to client requests for more FX trading facilities in the region. This new location adds to the global capabilities for Euronext FX, which already has matching engines in New York, London and Tokyo. Trent Beacroft, chief executive officer for Euronext Markets Singapore, notes how the Singapore launch reflects the company’s ambition to be closer to its global clients as well as to create a strong base to develop a major FX marketplace for Southeast Asia. Beacroft says he knows what makes the firm unique in the market: “The fact that we are the only ECN with a matching engine in Singapore. This gives clients in the region faster execution and greater price discovery.” 

Singapore is in fact the third-largest FX community worldwide, so Euronext FX is proud to provide liquidity locally with reduced round-trip times. Beacroft says: “Clients have a growing need for transparency and efficient execution. Our product now not only delivers our market-leading technology, but also does this with a geographical advantage.” He also notes: “Faster execution means having a greater awareness of your positions and exposure. For clients in Asian time zones, this is a huge leap forward as historical latency issues to New York and London will no longer occur.”

With the launch of its non-deliverable forward (NDF) matching engine, Euronext FX has solidified its commitment to Asia and the Singapore market specifically. It has gained regulatory approval from the Monetary Authority of Singapore to act as a recognised market operator to differentiate itself from its peers in the market, offering ECN NDF liquidity to clients.

The launch of Euronext FX Singapore saw spot volumes in its Asian trading triple and its unique FX Tape product reach $100 billion in daily volume for the first time. The company has been hailed for its success during the Covid-19 pandemic, moving all staff to 100% working from home, and ensuring that platform performance continued with record order-to-ack times, zero outage issues, and generally providing their clients with excellent levels of service. 

What 2020 has proven for Euronext FX is that, in times of extreme volatility, having a strong and robust ECN with speed at its core is fundamentally important in providing liquidity and stability to the FX marketplace. 

Moving forward, the launch of Euronext FX’s NDF product is at the centre of its plans for the Asia region. This product features an updated internal reporting tool, putting Euronext FX in a much better position to manage the bespoke requirements of each of its clients with more precision and accuracy. 

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