BNP Paribas Launches Electronic FX Trading in Singapore
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BNP Paribas announced its plans to launch an electronic FX pricing and trading engine in Singapore in a move to further improve efficiency and liquidity in the city-state’s market.
The new offering will include 50 currencies in spot, forwards, swaps, non-deliverable forwards (NDFs) and options, as well as commodities e-trading for both precious and base metals. According to BNP Paribas’ Southeast Asia head of global markets, Christophe Jobert, the engine intends to improve liquidity, price discovery and the speed of execution.
Singapore is a key trading center for us in Asia Pacific, where we are committed to investing for growth,» he added. «In Southeast Asia, we have seen our e-FX trading volumes grow by double-digits year-on-year.
The bank underlined that the move to launch the new FX trading and pricing engine was part of a broader plan to develop Singapore as «Asia Pacific’s FX trading hub» with support from the city-state’s regulator.
BNP Paribas’s decision to launch its e-FX pricing and trading engine in Singapore will be an added boost to Singapore and Asia’s FX market, said Gillian Tan, executive director, financial markets development department at the Monetary Authority of Singapore.
The engine seeks to enhance clients’ trading experiences with improved latency and pricing and will provide more efficient price discovery and improved liquidity in the Asian trading hours for clients in the Asia-Pacific, and support global follow-the-sun execution of FX trades.
The engine’s roll-out coincides with the launch of BNP Paribas’ single dealer platform, «Cortex LIVE», which will offer Singapore clients access to a real-time digital trading assistant alongside real-time market intelligence driven by artificial intelligence and natural language processing.
With the delivery of both the e-FX engine and Cortex LIVE in Singapore, clients here will benefit from an unrivaled combination of real-time feedback, quicker and more intelligent trade execution, greater transparency and enhanced controls,» said Rawad Khodr, APAC regional head of G10 FX spot trading, global markets at BNP Paribas.
Questions & Answers
Q.What is the primary objective of BNP Paribas launching this electronic FX engine in Singapore?
What is the primary objective of BNP Paribas launching this electronic FX engine in Singapore?
BNP Paribas aims to enhance efficiency and liquidity within Singapore's market. The engine intends to improve liquidity, price discovery, and the speed of execution for FX and commodity trades, especially during Asian trading hours.
Q.What types of financial instruments will clients be able to trade using the new electronic FX engine?
What types of financial instruments will clients be able to trade using the new electronic FX engine?
The new offering will include 50 currencies across spot, forwards, swaps, non-deliverable forwards, and options. It will also support e-trading for both precious and base metals as part of the commodities offering.
Q.How will the new electronic FX engine benefit BNP Paribas’s clients in Singapore and the Asia-Pacific region?
How will the new electronic FX engine benefit BNP Paribas’s clients in Singapore and the Asia-Pacific region?
Clients will experience improved latency and pricing, leading to more efficient price discovery and better liquidity during Asian trading hours. The engine supports global follow-the-sun execution of FX trades.
Q.What additional digital platform is being launched alongside the e-FX engine in Singapore?
What additional digital platform is being launched alongside the e-FX engine in Singapore?
The launch coincides with BNP Paribas' single dealer platform, "Cortex LIVE". This platform will provide Singapore clients with a real-time digital trading assistant, alongside AI-driven market intelligence.
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