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Northern Trust to deploy electronic FX pricing engine in Singapore
Clients expected to benefit from enhanced price discovery and timely execution
16 Apr 2021 | The Asset

Northern Trust, in partnership with the Monetary Authority of Singapore (MAS), is setting up an electronic foreign exchange pricing engine in Singapore. This will be the financial services group’s first eFX engine in Asia-Pacific.

“Singapore is a key FX centre for Northern Trust and financial markets globally,” says John Turney, head of global foreign exchange at Northern Trust Capital Markets. “Establishing a regional eFX pricing engine in Singapore will enhance the service provided by our Singapore-based FX desk and complements our continued expansion of FX solutions across Asia-Pacific.”

In recent years, Northern Trust has launched a number of innovative FX solutions, and acquired BEx, a platform providing algorithmic FX trading, global liquidity aggregation and transparency in execution and pricing to institutional clients worldwide. It has also announced a strategic partnership with Lumint Corporation, an innovative provider of currency management services.

Yen Leng Ong, Northern Trust’s country executive for Southeast Asia, adds: “The launch of our eFX platform in Singapore demonstrates our continued commitment to deliver a broad range of sophisticated solutions to our clients in Asia-Pacific. We are excited to be a part of this joint initiative with MAS which will further develop the FX market ecosystem in Singapore, and Asia as a whole. Co-locating the pricing engine with the trading desk in Singapore, regional market participants will benefit from improved speed and enhanced pricing discovery, as well as increasingly timely and efficient execution.”