BNY Mellon to Build FX Pricing and Trading Engine in Singapore

BNY Mellon announced today that it will be building a high-performance foreign exchange (forex) pricing and trading engine in collaboration with the Monetary Authority of Singapore (MAS), joining a list of Tier-1 financial institutions to create FX trading engines.

The announcement made today is part of the bank’s efforts to increase its forex presence in the region, the company said in the statement. In particular, BNY Mellon will create a new low-latency electronic FX infrastructure in Singapore.

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BNY Mellon engine to focus on spot FX initially

This infrastructure will improve execution quality and price discovery for its clients. At first, this will be available in spot FX and then in deliverable and non-deliverable forwards and swaps.

Commenting on the announcement, Darren Boulos, Head of FX Sales and Trading in Asia-Pacific at BNY Mellon said in the statement: “We’ve spent the past four years fully integrating and accentuating our global FX capabilities, and this is just the next step in the bank’s commitment to the region, specifically to Singapore as the hub of our Asia G10 FX trading. With the benefit of local support, we can accelerate our offering of additive liquidity to clients.”

Singapore aims to be FX Hub in Asia

BNY Mellon joins BNP Paribas and JPMorgan in its efforts to launch an FX pricing and matching engine. As Finance Magnates reported, the MAS is actively trying to develop Singapore into a global price discovery and liquidity centre for FX during Asia trading hours.

“BNY Mellon is a welcome addition to Singapore’s FX e-trading ecosystem,” added Gillian Tan, Executive Director, Financial Markets Development, at MAS, in the statement. 

“The importance of robust and resilient infrastructure to support FX trading activities cannot be understated, and we are heartened that FX players that have set up their regional pricing and matching engines in Singapore have reported greater efficiency in price discovery and improved execution for their clients.”

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