July 08, 2021 - Switzerland-based FX Trading aggregator and bridge provider PrimeXM is further expanding its technology services in Asia by adding a new trading data centre in Singapore which joins London, New York, and Tokyo as PrimeXM’s fourth major global foreign exchange trading location. LiquidityFinder has learnt that PrimeXM notified its clients about the new development today.
PrimeXM went live in Equinix SG1 in May 2021. Hedge Funds, Brokers, Non-Bank Liquidity Providers and Banks can now add Singapore to the list of major global FX trading centres by utilising PrimeXM’s XCORE technology as well as PrimeXM’s Infrastructure solutions for hosting their own proprietary trading systems.
PrimeXM has also successfully undergone a compliance readiness assessment based on the Association of Banks in Singapore Guidelines for Outsourced Service Provider Audit Report (“ABS OSPAR”) by PwC.
The Outsourced Service Provider’s Audit Report (OSPAR) is the framework that external auditors use to validate the service provider’s controls against the criteria specified in the ABS (Association of Banks in Singapore) Guidelines.
By completing this readiness assessment PrimeXM demonstrates that the set of security controls of PrimeXM’s XCORE and Managed Infrastructure Hosting services meet the ABS Guidelines. The readiness assessment apart from the added assurance it provides to PrimeXM’s financial services customers it also showcases its continued efforts to reach the highest standards in its facilities as well as in deploying compliant financial services solutions. PrimeXM will also be pursuing ABS OSPAR attestation in the coming months.
PrimeXM is also ISO 27001 certified since May 2018 and undergoes annual audits based on the ISAE 3000 assurance standard, which provides assurance on confidentiality, security, and privacy of information.
“PrimeXM continues on its path of professionalism, reliability, and concrete growth”, Alexis Droussiotis, Chief Information Officer (CIO), stated. “Now we are proud to say that PrimeXM offers global coverage with 4 state-of-the-art trading data centres. This will not only allow us to cater to our existing clients’ needs within the APAC region but also expand within the region and continue our successful expansion.”
The Monetary Authority of Singapore has been making a big push to establish Singapore as a global currency trading centre with great success. A steady stream of banks and non-bank Liquidity Providers have announced pricing engines in the territory.
In December 2020 Macquarie joined a growing list of primary market making banks, brokers and platforms announcing the establishment of an eFX pricing engine in Singapore. A number of bank and non-banks have announced that they have either gone live with, or plan to establish, eFX pricing engines in the territory. UBS was the first global bank to announce its plans to launch eFX pricing in Singapore in September 2018. Since then, Standard Chartered (live since January 2020), JP Morgan (live since April 2020), Barclays, Goldman Sachs, BNY Mellon, BNP Paribas, Deutsche Bank, CITI (now live), have all shown their commitment to setting up a pricing engine in Singapore.
PrimeXM is an award-winning technology provider to the global financial industry. Its key business focus is providing XCORE cutting-edge aggregation software, ultra-low-latency connectivity, institutional grade hosting solutions, and high-end MT4/MT5 Bridging and White Labels.
PrimeXM has stated that it will in future be releasing monthly trading volumes for its Singapore SG1 client trading volumes, as it currently does for the business from NY4, LD4 and TY3. The company has recently revealed its trading volumes for June 2021, at $47.31 billion, an increase of showing an increase of 5.51% on the previous month, and roughly 16% Year on Year compared to June 2020.
See PrimeXM's Monthly ADV history and its relative performance against other venues by clicking here.
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