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Singapore Exchange's foreign exchange unit SGX FX has expanded its liquidity provider network with the addition of Sumitomo Mitsui Banking Corporation (SMBC), strengthening its Asian currency offerings for institutional investors.
The Japanese bank, which was previously the first Japanese mega-bank to provide direct price streams to SGX FX clients, will now extend its services through SGX CurrencyNode, the exchange's anonymous FX electronic communication network (ECN).
The move comes as Asian currency trading continues to grow in significance within global markets, with institutional investors seeking deeper liquidity pools for regional currencies.
Jean-Philippe Malé, President of SGX FX, said: "We are pleased to be a partner with SMBC, having a part in their global strategy to service clients across the financial industry. Our global clients will undoubtedly enjoy quality access to one of Japan's largest banking institutions."
SMBC, which manages assets exceeding ¥238,700 billion ($1.55 trillion USD), operates across 38 countries and territories, with 15 locations in the Asia Pacific region. The bank maintains a significant presence in retail, corporate, and investment banking sectors.
"We are excited to connect to SGX CurrencyNode, as it aligns with our commitment to delivering comprehensive eFX solutions to our clients. This partnership demonstrates our continuous efforts to expand our market reach and provide seamless access to liquidity across key financial hubs in Asia," said Salim Zaman, Executive Officer, Co-Head of Global Markets and Treasury Department, Asia Pacific at SMBC.
The collaboration enhances SGX FX's position as a gateway to Asian currency markets. The exchange currently operates what it describes as the world's most liquid Asian FX futures exchange, alongside its electronic trading solutions through BidFX and MaxxTrader platforms.
SMBC's participation adds to SGX CurrencyNode's anonymous trading environment, where global participants can access over-the-counter FX liquidity pools. The bank's Multi-Franchise Strategy covers key regional markets including Indonesia, India, Vietnam and the Philippines.
CurrencyNode was launched in September 2021 and operates out of Singapore SG1.
