23 September 2019 – Euronext today announces the successful launch of Euronext FX in Singapore. Having been first announced on 26 March 2019 for a target launch date of Q4 2019, the venue was launched months ahead of schedule, with the first spot foreign exchange trades occurring on 09 September 2019 between two global banks.
Euronext FX (previously known as Fastmatch prior to the acquisition by Euronext in 2017, and rebranded to 'Euronext FX' in April 2019) has the first ever FX matching engine to be launched in Singapore. According to the company, the initiative is a direct response to client requests for more FX trading facilities in the region, and builds on Euronext FX matching engines in New York, London and Tokyo.
The Singapore launch reflects Euronext FX’s ambition to be closer to its clients worldwide and creates a strong development base to become a major electronic FX marketplace in the region. It also enables clients across the Asia-Pacific region, including Singapore, Australia and Hong Kong, to benefit from an improved trading experience and connectivity.
Kevin Wolf, CEO of Euronext FX said: "Euronext FX’s decision to establish a matching engine and open an office in Singapore is an important and exciting step in the growth of our reach. As the largest FX centre in Asia and the third largest globally, Singapore is a strategically important market, and poised to be a critical global hub for electronic foreign exchange trading –as evidenced by the recent influx of global firms since we first announced our intention to establish an operation here. We look forward to continuing to work with the Monetary Authority of Singapore (MAS) and appreciate their active support to further grow the local financial ecosystem and our footprint.”
The announcement of Euronext FX going live in Singapore follows confirmation in the recent BIS Triennial Survey that Singapore is the 3rd major global centre for Spot FX trading, followed closely by Hong Kong. The Euronext FX announcement is further evidence of the success of the drive by MAS to encourage FX players to set up in Singapore, following on from announcements earlier this year from CITI, UBS, JP Morgan, Standard Chartered, XTX Markets, and Jump Trading to establish pricing engines in Singapore.
In March 2019, the Singapore Exchange (SGX) acquired a 20% stake in Euronext rival BidFX, with an option to take a controlling stake.
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