BNY Mellon, MAS to build FX pricing and trading engine in Asia

Friday 5 June 2020 06:03 CET | News

BNY Mellon has teamed up with the Monetary Authority of Singapore (MAS) to build a high-performance FX pricing and trading engine.

The bank will establish a new low-latency electronic FX infrastructure in the Southeast Asian nation, to assists clients initially in spot with execution quality and price discovery, and subsequently in deliverable and non-deliverable forwards and swaps.

In 2019, BNY Mellon set up a dedicated FX custody trading desk in Singapore, relocated its Short-Term Interest Rate Trading (STIRT) business from Hong Kong, and established a Singapore options trading desk.

The bank already sees significant FX volumes in Singapore across more than 70 deliverable currencies, including in most restricted APAC markets. This is happening due to the uniquely uncorrelated liquidity that comes with executing daily flows for clients of its large custody franchise.

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Keywords: BNY Mellon, trading desk, cross border payments, Monetary Authority of Singapore, MAS, pricing, Singapore, Asia, bank, fintech, financial sector
Categories: Banking & Fintech
Countries: Singapore
This article is part of category

Banking & Fintech