It will allow FX e-trading of over 130 currencies.
Standard Chartered Bank will launch a Foreign Exchange (FX) e-trading and pricing engine in Singapore, with support from the Monetary Authority of Singapore (MAS), by Q1 2020.
Also read: Singapore to dominate forex with sub-second speeds
The scheme will allow FX e-trading of 130 currencies and more than 5,000 currency pairs in spot, forward, swaps, non-deliverable forwards (NDFs) and options, as well as commodities e-trading for both precious and base metals.
“Singapore continues to be the major FX hub in the world. E-trading take-up rates are very high amongst our clients; we have seen our FX e-trading volumes grow by 40% YoY,” Michele Wee, head of financial markets Singapore, Standard Chartered Bank, said. The launch of the FX engine will add to Standard Chartered's existing e-trading engines in London, New York, and Tokyo.
UBS and Citigroup earlier set up pricing engines in the city as MAS seeks to bring in six to eight more big players in its bid to dominate forex.
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