September 03, 2021- RBC Capital Markets, the corporate and investment banking arm of RBC, announced today that it is launching a Singapore-based e-FX server and pricing engine to serve its clients across Asia-Pacific and around the globe.
Developed with support from the Monetary Authority of Singapore (MAS), RBC’s new e-FX server and pricing engine will rely on new sales and trading infrastructure in the city state. With the launch to global clients scheduled for December 2021, the new platform will provide those who currently rely on pricing engines based in London, UK, with speedier execution, access to greater liquidity and enhanced price discovery across both G10 and emerging markets currencies in the Asian trading hours.
Rod Ireland, Head of Global Markets APAC said, “Singapore has emerged as the largest FX trading centre in Asia and third largest globally, and it continues to strengthen its e-FX trading capabilities and market infrastructure. Our investment demonstrates our commitment to the region and participating in the growth of the broader FX market.”
Lim Cheng Khai, Executive Director, Financial Markets Development Department of MAS said, “We are pleased that RBC Capital Markets has chosen to set up its first Asian e-FX server and pricing engine in Singapore. Singapore enjoys strong connectivity to the regional markets and is well placed to tap the strong institutional flows in Asia and beyond. RBC Capital Markets’ entry will continue to broaden and deepen our FX e-trading ecosystem, and strengthen Singapore’s standing as the global FX price discovery and liquidity centre in the Asian time zone.”
RBC Capital Markets joins a list of banks and others setting up eFX price engines in Singapore. Nomura announced in May 2021, that it would be setting up its 4th international pricing centre in Singapore. Northern Trust announced in April this year that it is setting up its first Asia eFX pricing engine in Singapore,
Other firms that have announced that they have either gone live with, or plan to establish, eFX pricing engines in Singapore include UBS (the first global bank to announce its plans to launch eFX pricing in Singapore in September 2018); Standard Chartered (live since January 2020); JP Morgan (live since April 2020); and Barclays, Goldman Sachs, BNY Mellon, BNP Paribas, Deutsche Bank, CITI, who have all shown their commitment to setting up a pricing engine in Singapore.
In October 2020, KGI Securities announced that it was setting up Flextrade's Maxxtrader solution in SG1.
In November 2020, Singapore bank UOB announced that it is also setting up a pricing engine in Singapore.
In September 2019, Euronext FX (previously "Fastmatch") announced that it had gone live with local trading in Singapore.
RBC Capital Markets has one of the strongest sell-side franchises in global e-FX. The bank provides liquidity across 30 major and emerging markets currencies, with FX products available for execution on its proprietary RBC DX or RBC API trading platforms, as well as on multi-bank platforms across global FX markets including Spots, Forwards, Swaps, FX Execution Algos and Options. RBC Capital Markets’ algorithmic trading suite uses consolidated market liquidity and sophisticated order routing with a simple, safe and easy-to-use set of orders to meet client execution needs.
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