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Goldman Sachs to launch foreign exchange pricing engine in Singapore

GOLDMAN Sachs on Tuesday announced that it will build an electronic foreign exchange (FX) pricing engine in Singapore to deliver low-latency execution for its clients.

This comes as part of the Monetary Authority of Singapore's (MAS) strategic push to develop Singapore into a global price discovery and liquidity centre for FX during Asian trading hours, said Goldman Sachs in a statement.

The first clients are scheduled to be live in the first quarter of 2021 across deliverable and non-deliverable currencies. This will be the fourth FX pricing engine that US-based investment bank supports globally, the others being in London, Tokyo and New York.

"We continue to actively develop our presence in Singapore, and have seen consistent growth of our franchise here over a number of years in both FX and broader global markets," said EG Morse, chief executive officer of Goldman Sachs in Singapore.

Gillian Tan, MAS executive director at the financial markets development department, said: "We welcome this partnership with Goldman Sachs, which is aligned with our strategy to grow a critical mass of players and liquidity for Asia-Pacific buy-side players to gain efficient pricing and execution, and strengthen Singapore's standing as a global FX centre."

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Earlier this month, Barclays separately announced that it will be launching its new FX trading and pricing engine in Singapore in mid-2021, under the London-headquartered bank's push to strengthen its FX presence in the Asia-Pacific.

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