Best FX market data and analytics provider for Asian currencies: SGX

Following a string of key enhancements, SGX’s TickNode has established itself as an institutional-grade market data and analytics offering for Asian FX markets

Over the past 12 months, SGX FX’s market data business, TickNode, has expanded from being a new entrant into a becoming a widely recognised institutional reference for Asian FX pricing, attracting strong client growth.

TickNode gives users access to FX data from across SGX’s over-the-counter and listed FX ecosystem. Importantly, the platform delivers real-time and historical FX composite prices built exclusively from executable pricing streams, rather than indicative quotes. This differentiates TickNode from other FX exchange data providers, which tend to work off indicative pricing.

The platform applies outlier controls and attaches a confidence score to every published price, offering clients clear visibility into construction robustness and prevailing liquidity conditions.

“Indicative prices often fail to reflect actual liquidity, especially in Asian emerging markets and non-deliverable futures [NDFs],” says Hugh Whelan, head of liquidity management and data at SGX FX. “We built TickNode exclusively on tradable, executable prices so that our clients can get a true, market-neutral reference rate that reflects where they can actually trade. This level of transparency is essential for robust valuation, model validation and risk governance.”

Recent key enhancements to TickNode include the expansion of regional FX data-sets for Asia, increased instrument depth across emerging market currencies and NDFs, and the continued roll-out of higher-frequency data. Pricing is now available down to a resolution of 50 milliseconds for latency-sensitive clients.

The platform now covers 74 currency pairs across spot, forwards and NDFs, with particular depth in Asian emerging market currencies.

Regionally segmented data-sets are now specifically calibrated to Asian trading hours and liquidity dynamics. As a result, clients can now access discrete data-sets aligned to Tokyo and Singapore, ensuring that pricing reflects in-region liquidity rather than potentially less accurate global averages.

“Historically, Asian market participants lacked pricing benchmarks that truly reflected local trading hours,” Whelan comments. “By calibrating TickNode’s data-sets specifically to Singapore and Tokyo liquidity windows, we enable local institutions to conduct highly accurate pre-trade analysis and real‑time execution benchmarking, which materially improves decision-making and risk outcomes.”

TickNode, which can be used as a standalone data service or integrated into proprietary analytics and third-party transaction cost analysis (TCA) platforms, has been adopted by a diverse client base, including hedge funds, asset managers, banks, liquidity providers and channel partners.

Through BidFX – the exchange’s platform for the buy side – clients have access to SGX FX’s TCA, which provides execution costs against multiple benchmarks at different moments in the trade lifecycle. It also allows timestamps to be sent in with a trade for the purpose of creating bespoke benchmarks.

The analysis is available on historical or live trades, and with trend analysis, for spotting patterns and comparing different types of execution.

“Clients want deployment flexibility,” Whelan says. “TickNode works seamlessly as a standalone data feed or integrated into third-party platforms. When coupled with our TCA, it gives traders deep, historical trend analytics to refine and optimise their execution strategies over time.”

SGX was named Best FX market data and analytics provider for Asian currencies at the FX Markets Asia Awards 2026.

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