BNP Paribas to unveil e-FX pricing, trading engine in Singapore

BNP Paribas on Monday said it will launch an electronic foreign exchange (e-FX) pricing and trading engine in Singapore, with the support of the Monetary Authority of Singapore (MAS).

The new engine will offer e-FX trading of 50 currencies in spot, forward, swaps, non-deliverable forwards and options, as well as commodities e-trading for both precious and base metals, BNP Paribas said. 

Christophe Jobert, head of global markets for South-east Asia at BNP Paribas, noted that clients will benefit from better access to liquidity, more efficient price discovery and timelier trade execution, with the new e-FX hub in the Republic. 

"Singapore is a key trading centre for us in Asia-Pacific, where we are committed to investing for growth. In South-east Asia, we have seen our e-FX trading volumes grow by double digits year on year," added Mr Jobert. 

The launch is also in tandem with MAS's plan to develop Singapore as Asia-Pacific's FX trading hub.

Gillian Tan, executive director of financial markets development department at MAS, noted that the engine will provide more efficient price discovery, and improved liquidity for clients in the region within Asia's trading hours.