Markets infrastructure and data solutions provider TP ICAP revealed on Thursday its plans to launch an electronic Foreign Exchange trading platform in Singapore. The company noted that it is receiving support from the Monetary Authority of Singapore (MAS).
The platform will be built on TP ICAP’s Fusion interface. Initially, it will offer clients to trade in Asian 1-Month Non-Deliverable Forwards (NDFs) and will be expanded to include FX Forwards and additional tenors in Asian NDFs.
Nicolas Breteau, CEO of TP ICAP, said:
TP ICAP’s decision to locate a Fusion FX platform in Singapore is an important part of our strategy to enable our clients to trade electronically and access our deep, global liquidity pools.
Singapore as a trading hub
The platform’s launch in Signapore is a strategic move for the company, as well as the Singapore regulator. MAS has already revealed its plans to strengthen Singapore as a major trading and corporate treasury hub.
Breteau added:
Singapore is the third largest FX trading centre globally and the largest in Asia, and we believe that it will continue to grow.
Lim Cheng Khai, Executive Director, Financial Markets Development Department of MAS, said:
MAS welcomes the launch of TP ICAP’s electronic Fusion FX trading platform in Singapore. Singapore is geographically well-positioned to offer low latency connections to regional markets, and TP ICAP’s multi-dealer Fusion FX platform will enable market participants from across the Asia-Pacific region to benefit from an improved trading experience.
