StanChart’s e-FX trading engine goes live in Singapore 

Trade latency has been cut by more than 80%, Standard Chartered says

Standard Chartered - Singapore - Wikicommons.jpg
Standard Chartered: e-FX trade conducted on January 20 in Singapore
Wikicommons

Standard Chartered has executed the first trade using its electronic foreign exchange trading engine in Singapore, achieving a reduction in trade latency of more than 80%, the bank said on January 22.

The trade, conducted on January 20 in Singapore, was with Standard Chartered’s counterparty, United Overseas Bank.

Standard Chartered previously said it would set up an electronic currency pricing and trading engine in Singapore, after Citi and UBS announced plans to do so last year. 

JP Morgan’s e-FX pricing and matching engine is expected to go live in the first quarter of 2020, while BNP ParibasEuronext, FastMatch and LMAX have similar initiatives. 

Singapore is laying the groundwork to expand on its current position as a location for institutional FX investors, after overtaking Tokyo and Hong Kong in average daily trading volumes.

“This is a key milestone for Standard Chartered, in support of the Monetary Authority of Singapore’s goal to enable more efficient access to liquidity in the Singapore FX market,” says Michele Wee, head of financial markets for Singapore at Standard Chartered.

“As one of the major FX participants in Singapore, we remain committed to leveraging this new solution to effectively serve our clients’ currency and commodities needs by offering them a seamless and consistent pricing experience for their hedging requirements,” she adds.

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