The Monetary Authority of Singapore is seeking to bolster the jurisdiction's status as a foreign exchange trading hub, putting it in competition with Hong Kong, among other centres.
Nomura has launched an electronic foreign exchange (e-FX) pricing and trading engine in Singapore, with support from the local financial regulator.
This will be Nomura’s fourth e-FX pricing engine following others in Tokyo, London and New York, the Japanese bank said in a statement.
“As a global financial services group with a strong presence in Singapore, we are fully committed to supporting the city-state’s development as a major global FX hub. This initiative, which is expected to go live later this year, will help support our clients with better infrastructure for execution, improved access to liquidity and effective price discovery,” Rig Karkhanis, deputy head of global markets and global head of FX and emerging markets, Nomura, said.
The Monetary Authority of Singapore said the launch gels with its strategic plan to strengthen Singapore’s standing as a major trading and corporate treasury hub, and develop its foreign exchange market to serve the growing trading and hedging needs in the region.