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FOREIGN EXCHANGE | Staff Reporter, Singapore

UBS to launch eFX engine in Singapore by Q2 2019

It is expected to improve the FX market’s transparency and efficiency.

UBS has tied up with the Monetary Authority of Singaore (MAS) to roll out an electronic foreign exchange (eFX) pricing and trading engine in the Lion City that will go live in the second quarter of 2019.

According to an announcement, the launch is expected to “promote greater transparency and efficiency for the foreign exchange market.” UBS centres its FX, rates, and credit business in Asia.

The engine is in line with MAS’ vision of enhancing eFX trading infrastructure, as part of its Financial Services Industry Transformation Map, said MAS executive director and head of financial markets development Alan Yeo.

“The engine will provide our clients with greater liquidity and increased efficiency in the foreign exchange markets. Our collaboration with the MAS reaffirms Singapore’s importance as a global FX centre and reflects the growth of opportunities in Asia,” said Anthony Hall, head of foreign exchange, rates and credit (FRC) in Asia Pacific at UBS. 

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