Best FX ECN – Euronext Markets Singapore

Asia FX Awards 2021


Euronext’s forward-thinking client-focused strategy secures the 2021 Best FX ECN award

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

With the deployment of its SG1 spot FX matching engine in late 2019, Euronext became the first and only FX electronic communication network (ECN) to match locally in Singapore, enabling reduced eFX and price matching round-trip times to the world’s third-largest FX community. This paved the way for Euronext Markets Singapore to obtain full regulatory approval by the Monetary Authority of Singapore (MAS) as a Recognised Market Operator (RMO). This, in turn, allowed Euronext to start pricing non-deliverable forwards (NDFs) from August 2020 – also, currently, a unique business proposition in the region, offered exclusively by the ECN.

“Commitment is at the core of everything we do, in terms of technology, services and products offered, and our attention to clients, so we were the first FX ECN to match locally in Singapore, which was uniquely recognised by the MAS, and remains the only ECN that matches NDF trades in the Asian time zone in Singapore,” says Trent Beacroft, chief executive officer of Euronext Markets Singapore. 

“This is a crucial service given the high volume of Asian NDFs executed during Singapore time,” he adds.

Having already seen average daily trading volumes of more than US$21 billion, Euronext continues to push new solutions for existing and potential clients based on their feedback. 

In May this year, Euronext completed its purchase of Borsa Italiana, creating the largest stock exchange in Europe by market capitalisation, and its depth and breadth of product offerings have also been dramatically expanded to include fixed income, commodities and clearing.

“We are confident that these products will be of great use to our Asia-Pacific [Apac]-based clients and, while we have embraced changes in this current challenging market environment, Euronext is also ready to initiate new and exciting opportunities in the coming new year,” concludes Beacroft. 

These operational factors and achievements were also singled out by judges: “Euronext Markets is a trusted ECN in this region that continually listens to its clients and invests into the Asia market to service them. It has now enabled the trading of NDFs through its subsidiary Euronext Markets Singapore, an RMO, following the successful launch of its matching engine in Singapore to enhance e-FX trading in the Apac region.”  

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