New FX trading engines power growth for banks in Singapore
Influx of banks setting up electronic matching engines drives trading volumes in city-state
Banks and multi-dealer platforms that have set up foreign exchange pricing engines on Singapore’s flagship SG1 data centre server are benefitting from an increase in the number of trades executed electronically, which is boosting the city-state’s position as a leading FX hub.
According to the Singapore Foreign Exchange Market Committee’s latest round of turnover data, from October 2021, total monthly turnover rose by almost 50% over the previous year to more than $15.6 trillion. Average daily
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