Edgewater Markets is joining the growing list of FX market participants to locate a pricing and trading engine in Singapore’s SG1.
Shilpa Dubey, head of APAC business for the firm says it will be investing in building out a local version of its EdgeFX Pro trading system, in what will be the Edgewater’s fifth trading hub globally, alongside London, Mexico, New York and Tokyo.
“With local SG1-based trading infrastructure, pricing, trading and order matching, our internal trading foreign exchange volumes will execute with bespoke local connectivity and all of our liquidity consumers and white label trading partners will benefit from better price discovery, lower latency and improved execution quality,” says Brian Andreyko, chief product officer at Edgewater Markets.
Meanwhile, Matthew Kassel, the firm’s COO, adds, “We see further development of our Asia business as a priority growth area for the firm globally. Our decision to set up an SG1 based engine demonstrates our continued commitment to our clients in Singapore and in the neighbouring regions. With the expectations of expanding our client base, we also look to grow the Asia team by hiring more local talent to increase our client coverage and technology distribution.”
In 2016, the Monetary Authority of Singapore (MAS) announced plans to develop the centre into the e-FX trading hub of Asia, and has offered assistance to firms co-locating at SG1. “Edgewater’s e-FX trading and pricing engine in Singapore adds diversity to the growing pool of market participants in our e-FX trading ecosystem, and boosts Singapore’s value proposition as the pre-eminent global FX centre in the Asian time zone,” says Lim Cheng Khai, executive director, financial markets development department at MAS. “With this new infrastructure set-up, Edgewater will strengthen its offering to its regional clients through better price discovery and trade execution.”
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