BNY Mellon plans Singapore FX engine in partnership with MAS
BNY Mellon is set to build a new foreign exchange (FX) pricing and trading engine in partnership with the Monetary Authority of Singapore (MAS).
BNY Mellon is making a strategic expansion into Singapore and the APAC region
The announcement is part of the bank’s strategic expansion into the Asia Pacific region. It will establish new low-latency electronic FX infrastructure in Singapore to improve execution quality and price discovery for clients.
Darren Boulos, head of FX sales and trading at BNY Mellon, says that the bank spent the past four years “fully integrating and accentuating” its global FX capabilities.
He adds: “This is just the next step in the bank’s commitment to the region, specifically to Singapore as the hub of our Asia G10 FX trading.”
The bank states that it already sees “significant FX volumes in Singapore across more than 70 deliverable currencies, including in most restricted APAC markets.”
BNY Mellon made a high profile appointment in its FX operations earlier this year when Paresh Shah stepped in as new global chief operating officer.
“BNY Mellon is a welcome addition to Singapore’s FX e-trading ecosystem,” says Gillian Tan, executive director for financial markets development at MAS.
“The importance of robust and resilient infrastructure to support FX trading activities cannot be understated, and we are heartened that FX players that have set up their regional pricing and matching engines in Singapore have reported greater efficiency in price discovery and improved execution for their clients.”
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