Goldman Sachs to Launch FX Platform in Singapore

The platform is the company’s fourth global currency pricing, following others in London, Tokyo, and New York. Goldman Sachs will be launching a foreign-exchange (FX) trading and pricing engine in Singapore, planned for the first quarter of 2021, the company said in a statement on Tuesday.

The platform aims to deliver improved low latency execution for clients and is built with the support of the Monetary Authority of Singapore (MAS), which aims to develop Singapore as a premier hub for foreign exchange trading in Asia Pacific.

It makes perfect sense for us to be part of this initiative and to further develop the FX market ecosystem in Singapore, and Asia as a whole,» David Wilkins, Goldman Sachs global head of electronic FX distribution, said.

The average FX daily trading volume in Singapore is the highest in Asia, trailing the U.S. and U.K. globally.

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,» E.G. Morse, Goldman Sachs Singapore chief executive, said in the statement.

Goldman Sach’s FX engine follows similar moves by Standard Chartered, Citi, BNY Mellon, Barclays, BNP Paribas, J.P Morgan, Euronext, Jump Trading and XTX Markets, which have built their own regional trading infrastructure in the city-state.