Edgewater Markets announced on Monday that it will launch a new foreign exchange (FX) trading and pricing engine in Singapore (SG1), which will be an extension of its global growth strategy.
The new offerings will be launched in the fourth quarter of 2021 and are in inline with the Monetary Authority of Singapore’s (MAS) strategic push to make Singapore the top FX trading center in the Asia-Pacific region.
Commenting on the prospect, Edgewater’s APAC Business Head, Shilpa Dubey, said: “We are very excited to be a part of the larger Singapore FX journey as the premier FX e-trading center in Asia. Edgewater Markets will be investing in building out a local instance of our global FX trading system (EdgeFX.Pro™), combining our time-tested trading and pricing algorithms with ultra-low latency co-location connectivity.”
Making Regional FX Hubs
Edgewater further elaborated that it will partner with local industry participants in Singapore and the surrounding region to further strengthen its presence in the Asia-Pacific.
After the launch, Singapore will become Edgewater Markets’ fifth electronic FX trading hub globally, apart from the existing New York (NY4), London (LD4), Mexico’s Kio5 (LatamFX), and Tokyo (TY3).
Earlier this year, the company launched EdgeFXAsia, which provides services to spot FX, NDFs, and precious metals, to eliminate major latency issues for regional clients.
“With local SG1 based trading infrastructure, pricing, trading, and order matching, our internal trading foreign exchange volumes will execute with bespoke local connectivity and all of our liquidity consumers and white label trading partners will benefit from better price discovery, lower latency, and improved execution quality,” said Brian Andreyko, Chief Product Officer at Edgewater Markets.
Edgewater’s Chief Operating Officer, Matthew Kassel, added: “Our decision to set up an SG1 based engine demonstrates our continued commitment to our clients in Singapore and in the neighboring regions. With the expectations of expanding our client base, we also look to grow the Asia team by hiring more local talent to increase our client coverage and technology distribution.”
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